Pension fund assets grew to N18.3trn in December, 2023 – PenoP

The Pension Fund Operators Association of Nigeria (PenoP) has disclosed that Nigeria’s pension fund assets rose from N17.9 trillion in November, 2023, to N18.36 trillion at the end of December, 2023.

PenoP made the disclosure in a release on its X handle (formerly Twitter) on Tuesday where it disclosed that the growth showed a 22.4 per cent increase year-on-year.

PenoP wrote: “In 2023, the assets under the pension fund experienced substantial growth, surging by an impressive 22.49 per cent from N14.99trn in December, 2022, to N18.36trn in December, 2023.

“The Registered Savings Account (RSA) membership witnessed a commendable uptick of 3.34 per cent in 2023 when compared to the preceding year, 2022. This surge in membership is indicative of a growing confidence and trust in the Contributory Pension Scheme (CPS).

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“RSA membership which was 9,862,129 at the end of December, 2022 rose to 10,191,400 at the end of December, 2023; representing a 3.4 per cent increase.

“The increasing number of individuals opting to join the scheme suggests a positive perception of its benefits and the belief in its effectiveness in securing financial stability during retirement.”