The National Pension Commission (PenCom) has attributed the 1.77 percent increase in the pension fund assets in the first quarter to a strategic asset allocation and a diversified investment approach that has always sustained the fund’s upward trajectory.

This was contained in the monthly data released by the commission.

The data showed that the pension fund assets increased by a 1.77 per cent in February, reflecting ongoing stability in the pension industry. According to the report, in February, the total net asset value (NAV) of the pension fund stood at N23.26 trillion, up from N22.86 trillion the previous month.

The pension funds remain heavily invested in the federal government securities, which account for N14.46 trillion or 62.18 per cent of the total net asset value.

The report also highlighted some other areas of investments, including corporate debt securities (N2.32 trillion) and money market instruments (N2.21 trillion).

The report also explained a rebound in money market instruments, which witnessed a growth to N2.21 trillion in February from N2.18 trillion in January. Moreover, there was a notable increase in commercial paper (+30.17 per cent) and foreign money market instruments (+7.77 per cent).