91.4% of Nigeria's Personal Pension Accounts Unfunded

As of the end of the first quarter of 2026, approximately 91.4% of retirement savings accounts (RSAs) registered under Nigeria’s Personal Pension Plan (PPP) were unfunded, according to data from the National Pension Commission (PenCom). Out of 219,316 registered PPP RSAs, only 18,811 accounts, or 8.58%, had received contributions, leaving 200,505 accounts without funding.

In the first quarter, PPP contributions totaled N147.16 million, bringing cumulative contributions since inception to N1.66 billion. The data indicates a significant disparity between the number of registered accounts and those receiving regular contributions.

Despite this, the pension industry in Nigeria is expanding, with total pension assets reaching a record N31.32 trillion in May 2026. PenCom is currently reviewing Nigeria’s pension framework to enhance contributions and increase the role of pension assets in the economy.

Additionally, the number of new RSAs registered under Nigeria’s Contributory Pension Scheme (CPS) rose by 24.7% to 143,248 in the same quarter.