Nigeria’s collective investment scheme assets have increased to N9.885 trillion, edging closer to the N10 trillion milestone as money market funds account for nearly 68 percent of industry assets, highlighting investors’ strong preference for money market and dollar-denominated products.
The latest Securities and Exchange Commission (SEC) weekly net asset value (NAV) report, as of October 9, 2026, showed total industry assets increased by N43.76 billion, or 0.44 percent, from N9.841 trillion recorded in the preceding week.
Money market funds accounted for N6.718 trillion, representing 67.96 percent of the total, while dollar funds held N1.75 trillion, equivalent to 17.70 percent. Together, the two categories controlled approximately N8.47 trillion, or 85.66 percent of collective investment scheme assets.
Including N33.36 billion held in exchange-traded funds (ETFs), which the SEC reports separately, the combined value of the industry’s funds reached approximately N9.918 trillion.
The concentration underscores the dominance of relatively liquid, interest-bearing and foreign-currency-denominated investment products in Nigeria’s growing fund management industry, while equity and fixed-income funds continue to account for comparatively small shares of assets.
Money market funds also drove the latest weekly expansion. Their NAV rose by N45.81 billion, or 0.69 percent, from N6.672 trillion to N6.718 trillion, exceeding the industry’s overall increase as declines in other categories offset part of the gain.
Dollar funds recorded a 0.22 percent increase to N1.75 trillion from N1.746 trillion. Balanced funds rose by 0.28 percent to N199.08 billion, while specialised funds increased by 0.64 percent to N54.71 billion.
However, real estate investment trusts declined by 0.11 percent to N520.31 billion, equity-based funds fell by 1.59 percent to N239.40 billion, and bond and fixed-income funds dropped by 0.81 percent to N230.92 billion.
Shariah-compliant funds declined by 0.26 percent to N151.99 billion, while ethical funds fell by 0.68 percent to N20.57 billion.
Overall, four fund categories recorded gains during the week, while five registered declines.
The latest increase extends the industry’s recent growth streak. Collective investment scheme NAV rose from N9.539 trillion on August 21 to N9.885 trillion on October 9, an increase of N345.63 billion, or 3.62 percent, across seven consecutive week-to-week gains.
Money market funds have been a major contributor to the expansion. Their NAV increased from N6.366 trillion on August 14 to N6.718 trillion on October 9, representing growth of N351.32 billion, or 5.52 percent.
Balanced funds also recorded significant growth, rising 27.6 percent from N156.06 billion to N199.08 billion over the period cited in the SEC data.
Dollar funds, however, followed a different trajectory over the longer period, with NAV declining by N37.98 billion, or 2.12 percent, from N1.788 trillion on August 14 to N1.750 trillion on October 9.
The industry collective investment scheme assets at N8.44 trillion in March before increasing to N8.77 trillion in April. Money market funds accounted for N5.45 trillion in March and N5.68 trillion in April, while their assets subsequently reached N6.27 trillion by July 31.
The growth has also been accompanied by a concentration of assets among a handful of large funds.
SEC fund-level rankings dated October 2 showed Stanbic IBTC Money Market Fund remained Nigeria’s largest collective investment fund, with NAV of N3.126 trillion. Stanbic IBTC Dollar Fund ranked second with N791.50 billion, followed by First Asset Money Market Fund at N772.15 billion and Guaranty Trust Money Market Fund at N676.97 billion.
ARM Money Market Fund recorded N462.05 billion, while seven of the ten largest funds belonged to the money market category.
The SEC fund-level sheet also listed 1,651,474 unitholder records, although this figure does not necessarily represent unique investors because one investor may hold units in multiple funds.
Despite the expansion, the industry’s asset composition suggests that equity and conventional fixed-income investment products remain relatively small. Equity-based funds represented about 2.42 percent of total assets, while bond and fixed-income funds accounted for approximately 2.34 percent.
Changes in NAV reflect subscriptions, redemptions, investment income and asset valuation movements. The increase in money market fund assets, therefore, does not necessarily mean investors contributed an equivalent amount of new money during the week.
Similarly, dollar fund assets are reported in naira, making their recorded value sensitive to exchange-rate movements. The decline in equity fund NAV also coincided with a fall in the Nigerian Exchange All-Share Index, although the available data does not separate market-related losses from investor withdrawals.
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Chinwe Michael is a Nigerian business journalist and media professional with over 4 years of experience covering companies, financial markets, banking, fintech, economic policy, financial inclusion, and corporate affairs. She currently leads the Companies & Markets desk at BusinessDay, where she drives coverage of Nigeria’s corporate and capital markets, translates complex financial data into accessible stories, and mentors younger journalists. Prior to that, she was the head of the financial inclusion/fintech desk. With a background in banking and finance and extensive experience in media and communications, Michael has developed expertise in financial journalism, economic analysis, investigative reporting and market intelligence. Her work examines how monetary policy, corporate performance, capital flows, technology, and regulatory decisions affect businesses, investors, and households. She was selected from about 3,000 applicants as one of 20 journalists for Cohort 4 of the MTN Media Innovation Programme, gaining exposure to new approaches to journalism, technology, and media innovation. Her international journalism experience and engagement with professionals across Russia, Dubai, Saudi Arabia, and others in different sectors have further broadened her understanding of global communication and development.
