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Nigeria’s pension fund dropped by N180 billion in March 2020, eroding the N77 billion it gained in February, by approximately 1.7 per cent decrease.
The drop may not be unconnected to the Covid-19 pandemic.
The fund, which stood at N10.577 trillion as at April 30, 2020, gained N250 billion the following month, a 2.4 per cent increase.
The fund grew from N10.327 trillion in March 2020 to N10.577 trillion in April.
These were shown in a report entitled: Pension Fund Monthly Summary Report by the National Pension Commission (PENCOM).
Further checks showed that the fund has also been growing steadily and strongly, and has only taken a downward turn three times since 2013. The drops occurred in April 2016, January 2018 and the recent drop in March 2020.
It was observed that the monthly growth has doubled since 2017 and grew on the average of N131 billion.
The fund has been growing at about N1 billion monthly and N1 trillion yearly on the average since 2017.
Going by this trend, the fund will likely cross a N12 trillion mark by next year and N20 trillion by 2030.
Further analysis showed that the fund, which stood at N7.56 trillion as at December 31, 2017, rose to N8.63 trillion in 2018 and N10.21 trillion in 2019, representing 7.63 percentage growth in 2018 and 9.21 percentage growth in 2019.
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