Nigeria’s Pension Funds Hit N21.92tn, Says PenCom DG [Video]

• Pension fund assets hit N21.92tn in October, projected to surpass N22tn by year-end, PenCom announced
• PenCom tackles inflation and Naira devaluation with revised investment strategies for contributors’ funds
• PenCom expands pension coverage, resolves benefit delays with N44bn fund release, and digitizes PCC applications

The National Pension Commission (PenCom) announced that total pension fund assets under the Contributory Pension Scheme (CPS) reached N21.92 trillion as of October 2024. Contributions came from 10.53 million registered participants.

Speaking at the 2024 PenCom Media Conference in Abuja on Thursday, PenCom Director-General Omolola Oloworaran projected that the assets would surpass N22 trillion by the year’s end.

“Our goal remains the safety and sustainable growth of contributors’ funds through prudent management,” Oloworaran said.

Addressing Economic Challenges

Oloworaran acknowledged economic challenges such as high inflation, Naira devaluation, and lingering impacts of past monetary policies that have reduced the real value of pension funds.

“To address these challenges, PenCom …