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2020 Pension Industry Report

Overview

The Nigerian Pension Industry (‘the Industry’) has evolved over the years from one with predominantly public sector participants running a defined benefit scheme to a mandatory defined contribution system for all government and private sector employees in the country. The 2004 pension reform redefined retirement planning in Nigeria and led to a significant boost in the number of enrolees and the size of managed assets in the Industry. The Pension Industry comprises the principal regulator (National Pension Commission), 22 PFAs, six CPFAs and four pension fund custodians.

As at 31 December 2019, the Industry’s pension assets stood at ₦10.2 trillion (or $28.3 billion), representing an 18.6% growth from the ₦8.3 billion recorded at the end of 2018 and a 17.2% compound annual growth rate over the last five years.  Growth was driven primarily by a combination of investment returns and additional contributions (from new and existing enrolees).  Over the last five years, growth in managed assets have been driven increasingly by investment returns rather than additional contributions. The Industry’s annual contributions have averaged ₦595 billion in the last five years.

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This Report is broadly divided into 10 sections. Section One is devoted to the Global Pension Market, while Section Two assesses the domestic pension market covering the structure and features of the Industry as well as market size in terms of managed assets and number of enrolees. Section three exclusively focuses on the ongoing COVID-19 pandemic and the Nigerian economy and the impact these have on the pension industry. We assess the competitive environment, competitive positioning of operators and market share in section four.  Recent developments and topical issues including the most anticipated transfer window, minimum pension guarantee, multifund structure and the micro pension scheme are discussed in detail in section five. Section six assesses the regulatory environment, while sections eight and nine assessed the fund performance (I-IV) and the financial condition of the industry. Section 10 contains our closing remarks and industry risk rating. The final section contains the appendices to report including summaries of the financial statements of key industry operators.

This report provides information on the attributes and performance of the Pension Industry in Nigeria (“the Industry”). Our report provides information on:

  • The macroeconomic environment in Nigeria and how it impacts the industry
  • The structure of the Nigerian Pension Industry
  • The Industry’s competitive environment
  • The regulatory environment of the Industry
  • Recent developments and topical issues
  • Fund performance and Industry Financial Condition
  • Risk rating and outlook for the Industry
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