Nigeria’s pension fund assets have surged to ₦23.33 trillion at the end of the first quarter of 2025, representing a 19 per cent year-on-year increase, according to official data from the National Pension Commission (PenCom).
The growth, recorded steadily over the first three months of the year, reflects a nominal rise of ₦819 billion from the ₦22.51 trillion recorded as of December 2024. Figures from PenCom show that the assets stood at ₦22.86 trillion in January and grew further to ₦23.27 trillion in February before closing March with an additional ₦61.91 billion.
Despite this rise in value, enrolment into the Contributory Pension Scheme (CPS) has remained sluggish. Retirement Savings Account (RSA) registrations reached 10,689,846 as of March 2025 a modest 3.98 per cent increase compared to the same period in 2024. This means that less than 11 million working Nigerians are actively saving for retirement under the scheme.
In an effort to widen participation, especially among Nigeria’s vast informal workforce, PenCom is shifting focus towards inclusion and innovation.
At the inaugural Pension Industry Leadership Retreat held in Lagos, Director-General of PenCom, Omolola Oloworaran, highlighted the urgency of integrating informal sector workers into the pension net.
“Of the over 77 million informal sector workers in Nigeria, less than 10,000 are active contributors under the Contributory Pension Scheme,” Oloworaran said.
“We would look for opportunities to incentivise the informal sector to participate in the pension scheme.”
This push for broader inclusion was echoed by Lagos State Governor Babajide Sanwo-Olu, who was represented by the Commissioner for Finance, Abayomi Oluyomi.
“Our work is far from complete. Retirement security must extend beyond formal employment to include the informal sector the market traders, the artisans, and the good economic workers who form the backbone of our economy,” Oluyomi said. “To achieve true economic inclusion, we must develop innovative pension solutions that are accessible, trustworthy, and sustainable for all Nigerians.”
To facilitate easier compliance and streamline pension administration, PenCom has launched a new digital platform known as the Pension Contribution Remittance System (PCRS). The system, which goes fully operational from June 1, 2025, mandates all employers to use approved Payment Solution Service Providers for remittances.
In a public statement shared across its social media channels, PenCom stated: “With the Pension Contribution Remittance System, your employees’ pension remittance is hassle-free, 100 per cent digital, and all that is required is to select your preferred payment solution service providers now and start remitting.”
PenCom listed the approved platforms as Paypen (Netline Limited), Pencentral (Chamsaccess Limited), Pensphere (Pethahiah Rehoboth Int’l), Penremit (Cyberspace Limited), Pensol (Uniswitch Technology), Penco (Gemspay Solutions), Awabah (Awabah Remit Services), Epcoss (NIBSS Plc), and Interswitch (Interswitch Group).
The commission explained that the PCRS allows employers to upload pension schedules and complete payments online, without visiting physical offices.
“The PCRS ensures that pension remittance schedules uploaded by employers are accurate, and employee personal identification numbers and pension fund administrators are verified with PenCom before remittances are processed,” it added.
