The latest report on the Nigerian pension fund administration, which was released on Thursday by the National Bureau of Statistics and the National Pension Commission, indicated that the country’s pension fund assets increased by N862bn to N6.164tn as of December 31, 2016.

According to the report, the N6.164tn pension fund assets represent six per cent of the country’s Gross Domestic Product, as the figure indicates an increase of N862bn when compared to the N5.302tn recorded in 2015.

It stated that a large percentage of the fund was invested in the domestic market, while the remaining part was invested abroad.

The report stated, “The Nigerian pension fund administration data for 2016 reflected that the pension fund asset under management as of December 31, 2016 stood at N6,164.76bn as against N5,302.82bn in 2015.

“The total asset as at the period under review represents six per cent of the GDP as against 5.57 per cent in 2015. 98.56 per cent of the funds were invested in domestic market while the remaining 1.44 per cent were invested in foreign market.”

The PenCom stated that the Federal Government of Nigeria debt securities had the highest weight percentage of 71.28 of the total pension fund assets.

This, it noted, was closely followed by ordinary shares, with 9.48 per cent weight; and money market securities, with 6.51 per cent weight; while infrastructure funds had the least with 0.03 per cent weight.

“Participants within the age distribution below 40 years have the highest percentage composition by sector and gender. These are closely followed by participants within the age brackets of 40 to 49 years and 50 to 59 years, respectively, while participants above 60 years have the least percentage composition by sector and gender,” the report stated.