The Contributory Pension Scheme (CPS) in Nigeria continues to demonstrate impressive growth, with Pension Fund Assets soaring by N2.13tn during the first half of 2024. This substantial increase raises the total Pension Fund Assets from N18.36tn at the end of 2023 to N20.48tn by June 30, 2024. This performance surpasses the N1.77tn increase recorded during the same period in 2023.
In addition to the surge in assets, CPS membership has also expanded significantly.
Pension Fund Administrators (PFAs) welcomed 189,619 new contributors from January to June 2024, a noteworthy rise from the 146,920 onboarded during the first half of 2023. By the end of June 2024, total CPS membership stood at 10,381,019.
