Collective investment scheme assets rise to N9.885 trillion, with money market and dollar funds accounting for 85.66 per cent of the industry’s total net asset value…..
Nigeria’s collective investment scheme assets have climbed to N9.885 trillion, bringing the industry closer to the N10 trillion milestone, as money market funds continue to dominate investments.
According to the Securities and Exchange Commission’s (SEC) weekly net asset value report as of October 9, 2026, total fund assets increased by N43.76 billion, or 0.44 per cent, from N9.841 trillion recorded in the preceding week.
Money market funds accounted for N6.718 trillion, representing 67.96 per cent of the industry’s total net asset value (NAV). Including N33.36 billion held in exchange-traded funds, which are reported separately, the combined value of the assets reached approximately N9.918 trillion.
The weekly increase was largely driven by money market funds, whose NAV rose by N45.81 billion, or 0.69 per cent, from N6.672 trillion to N6.718 trillion. The gain exceeded the industry’s overall increase, reflecting declines in several other fund categories.
Dollar funds ranked second with N1.75 trillion, accounting for 17.70 per cent of total assets, after recording a 0.22 per cent increase from N1.746 trillion. Together, money market and dollar funds held approximately N8.47 trillion, equivalent to 85.66 per cent of the industry’s assets.
Other categories recorded mixed performances during the week. Real estate investment trusts declined by 0.11 per cent to N520.31 billion, while equity-based funds fell by 1.59 per cent to N239.40 billion. Bond and fixed-income funds dropped by 0.81 per cent to N230.92 billion.
Balanced funds increased by 0.28 per cent to N199.08 billion, while Shariah-compliant funds declined by 0.26 per cent to N151.99 billion. Specialised funds rose by 0.64 per cent to N54.71 billion, whereas ethical funds fell by 0.68 per cent to N20.57 billion. Overall, four fund categories recorded gains, while five declined.
The industry has sustained its growth in recent weeks, with NAV rising from N9.539 trillion on August 21 to N9.885 trillion on October 9. The N345.63 billion increase represents growth of 3.62 per cent across seven consecutive weekly gains, with the largest increase of approximately N129.71 billion recorded in the week ending October 2.
Money market funds have remained a major driver of the expansion. Their NAV rose from N6.366 trillion on August 14 to N6.718 trillion on October 9, representing an increase of N351.32 billion, or 5.52 per cent.
Dollar funds, however, declined by N37.98 billion, or 2.12 per cent, from N1.788 trillion recorded on August 14. Balanced funds recorded stronger growth, increasing by 27.6 per cent from N156.06 billion to N199.08 billion.
Earlier figures tracked by Nairametrics showed that industry NAV stood at N8.44 trillion in March 2026 before rising to N8.77 trillion in April. Money market funds accounted for N5.45 trillion, or 64.90 per cent of total assets, in March, increasing to N5.68 trillion in April, while dollar funds stood at N1.85 trillion.
By July 31, money market fund assets had reached N6.27 trillion, representing a 4.96 per cent increase from N5.97 trillion in June.
At the fund level, Stanbic IBTC Money Market Fund remained Nigeria’s largest collective investment fund, with a NAV of N3.126 trillion, according to SEC rankings dated October 2. Stanbic IBTC Dollar Fund followed with N791.50 billion, while First Asset Money Market Fund held N772.15 billion.
Guaranty Trust Money Market Fund recorded N676.97 billion, while ARM Money Market Fund had N462.05 billion. Seven of the ten largest funds were money market products, highlighting the concentration of investments in the category.
The fund-level report also listed 1,651,474 unitholder records, although this does not necessarily represent the number of unique investors, as individuals may hold units in multiple funds.
However, changes in NAV do not necessarily reflect fresh investment inflows alone. Net asset values are influenced by subscriptions, redemptions, investment income and valuation movements. The weekly increase in money market fund assets, therefore, cannot be attributed entirely to new subscriptions.
Dollar-denominated funds are also reported in naira, making their reported values sensitive to exchange-rate movements. Similarly, the decline in equity fund NAV coincided with a fall in the NGX All-Share Index, although the available figures do not establish how much of the decline resulted from market losses or investor redemptions.
The latest figures highlight the continued expansion of Nigeria’s collective investment industry, but also show its heavy reliance on money market and dollar funds. Equity-based and bond or fixed-income funds together account for less than five per cent of total assets, underscoring the relatively small share of investments allocated to those categories.
