Nigeria’s pension industry has recorded steady growth in Retirement Savings Account (RSA) membership, increasing from 9,529,127 in 2021 to 11,040,227 in 2025 — a rise of approximately 15.9 per cent over five years.
The Pension Fund Operators Association of Nigeria (PenOp) said in a statement that the growth reflects the continued expansion of the Contributory Pension Scheme (CPS) and sustained onboarding of new contributors into the system.
Despite the upward trajectory in registrations, the association noted that overall growth has remained moderate due to persistent structural challenges. These include low participation within the formal sector, incomplete adoption of the CPS by some state governments, and cases of non-remittance of pension contributions by certain employers.
Nevertheless, the industry has undergone a notable transformation in recent years.
According to PenOp, data recapture initiatives have strengthened the integrity and accuracy of contributors’ records, while the licensing of more than 10 Pension Support Service Providers (PSSPs) has improved access and streamlined contribution processes across the country.
The association also highlighted revisions to investment guidelines, which have expanded portfolio flexibility. This has enabled pension fund managers not only to safeguard contributors’ funds but also to optimise long-term returns within acceptable risk thresholds.
Meanwhile, the industry’s total Assets Under Management (AUM) have surpassed ₦27 trillion, underlining the increasing influence of pension funds in Nigeria’s financial markets and their growing contribution to long-term capital formation.
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