Participation in the Nigerian contributory pension scheme has risen to significant 11.32 million workers, helping drive asset growth by 51 percent to 31.48 trillion in the last two years.

The ⁠National Pension Commission (PenCom) declared in Abuja on Tuesday that participation in the scheme recorded nearly a million new contributors, helping push asset value to significant $22.8 billion or N‌31.48 trillion.

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PenCom ​chief Omolola Oloworaran told reporters ​that assets under management increased from 20.79 trillion naira in July 2024, attributing the growth to stronger confidence in ​the pension system.

PenCom ⁠alse declared that a N758 billion bond ‌helped ⁠clear obligations dating back to 2007, benefiting 957,045 people through pension increases, accrued rights payments and ​other retirement ​benefits.

It added that accrued pension rights had swung ​from 21 months in ​arrears ⁠in July 2024 to a 41-month surplus, while benefit approvals are ⁠now ​processed within 48 hours.