Industry overview
Nigeria
As of the 1st quarter of 2025, Nigeria’s pension industry managed assets worth approximately ₦23.33 trillion ($16.4 billion), equivalent to 6.4% of 2024 nominal GDP. The industry is regulated by the Pension Reform Act (PRA) of 2014, which established the Contributory Pension Scheme (CPS) as the primary retirement savings framework for formal-sector workers. The CPS currently covers about 10.6 million registered contributors, equivalent to roughly 9.4% of Nigeria’s 113 million working-age population.
Since the introduction of the PRA in 2004 and its 2014 amendment, Nigeria’s pension architecture has evolved from a fragmented, unfunded, and largely public-sector-based system to a more unified, privately managed scheme with strong regulatory oversight. The PRA mandates that both employers and employees contribute a minimum of 10% and 8% of monthly emoluments, respectively, into Retirement Savings Accounts (RSAs) managed by licensed Pension Fund Administrators (PFAs). The following is a breakdown of the industry’s pension asset allocation.
