On June 2, 2025, Nigeria’s pension fund assets grew 19% year-on-year to N23.33 trillion by March 2025, up from N22.51 trillion at the end of 2024, according to the National Pension Commission (PenCom). The fund increased to N22.86 trillion in January, N23.27 trillion in February, and gained N61.91 billion in March, equivalent to approximately $14.77 billion at the exchange rate of N1,579/$1. Despite this growth, Retirement Savings Account (RSA) registrations remained below 11 million, reaching 10,689,846 by March, a 3.98% annual rise.
PenCom’s Director-General, Omolola Oloworaran, emphasized expanding the Contributory Pension Scheme (CPS) to the informal sector, where fewer than 10,000 of over 77 million workers are active contributors. Speaking at the Pension Industry Leadership Retreat in Lagos, themed “Sustainable Retirement – Strategic Blueprint for Economic Development and Inclusion,” she advocated for incentives to boost participation. Lagos State Governor Babajide Sanwo-Olu, represented by Commissioner Abayomi Oluyomi, supported innovative pension solutions for informal workers like traders and artisans to ensure inclusive retirement security.
PenCom launched the Pension Contribution Remittance System (PCRS) on June 1, 2025, enabling fully digital, cost-free pension remittances through approved providers like Paypen, Pencentral, and Pensphere. The system allows employers to upload schedules and verify employee details online, enhancing efficiency and compliance. Posts on X, such as from @thesunngr, praise the fund’s growth and digital shift, though @Nairametrics notes challenges in informal sector enrollment. The PCRS and asset growth underscore PenCom’s push for financial inclusion and economic stability.
