The portfolio composition of Nigeria’s Contributory Pension Scheme (CPS) as of March 31, 2026, reflects a gradual structural shift.
While Federal Government securities continue to form the portfolio’s core to preserve nominal capital, their share of Net Asset Value (NAV) dropped slightly from 59.50% at year-end 2025 to 58.07%.
“The FGN allocation continues to preserve capital and generate stable carry, but it also caps the ability of the system to deliver inflation-beating returns over the long horizon” the regulator PENCOM said in its First Quarter 2026 report.
Domestic equities have expanded from 14.41% to 18.50% on the strength of the equity rally. Alternative asset classes now stand at 3.95% and include a materially stronger allocation to mutual funds, private equity, real estate and REITs. the value of domestic quoted equities alone rose by ₦1.50 trillion in the quarter, well above the contribution flow.
Movement in the alternative’s allocation, up 47.84% in mutual funds and 8.76% in private equity within the quarter, is early evidence that the revised investment guidelines are beginning to influence portfolio construction.
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