The Pension Fund Operators Association of Nigeria (PenoP) has announced a significant surge in Nigeria’s pension fund assets, reaching N18.36 trillion by the close of December 2023, compared to N17.9 trillion in November of the same year.
The revelation, communicated via PenoP’s X handle (formerly Twitter) on a Tuesday, highlights an impressive 22.4% year-on-year growth. PenoP’s official statement emphasizes the substantial progress in pension fund assets, escalating by an outstanding 22.49% from N14.99 trillion in December 2022 to the current N18.36 trillion in December 2023.
Additionally, the Registered Savings Account (RSA) membership experienced a commendable increase of 3.34% in 2023 when contrasted with the preceding year, 2022. This upswing in membership underscores a burgeoning confidence and trust in the Contributory Pension Scheme (CPS).
Specifically, RSA membership, which stood at 9,862,129 as of December 2022, climbed to 10,191,400 by the close of December 2023, representing a 3.4% upturn. The noticeable rise in individuals opting to participate in the scheme indicates a positive perception of its benefits and a belief in its effectiveness for ensuring financial stability during retirement. This revelation paints a promising picture of the growing influence and success of Nigeria’s pension fund landscape