Money market funds drive mutual fund assets to N10tn

Securities and Exchange Commission

Nigeria’s mutual fund industry grew to N9.89tn in net assets as of 9 October, 2026, with money market funds accounting for nearly 68 per cent of the total, highlighting investors’ strong concentration in the asset class.

Data from the Securities and Exchange Commission’s weekly net asset value report showed that collective investment scheme assets increased by N43.76bn, or 0.44 per cent, from N9.84tn in the preceding week.

Money market funds held N6.72tn, representing 67.96 per cent of total assets, after gaining N45.81bn during the week. The increase exceeded the industry’s overall growth, as declines in several other fund categories offset part of the gain.

Dollar-denominated funds ranked second, with N1.75tn, accounting for 17.7 per cent of industry assets. Together, money market and dollar funds held approximately N8.47tn, or 85.66 per cent of the total.

The concentration leaves equity and bond funds with relatively small shares of the market. Equity-based funds held N239.40bn, while bond and fixed-income funds recorded N230.92bn. Their combined value represented less than five per cent of total assets.

Real estate investment trusts held N520.31bn, while balanced funds accounted for N199.08bn. Shariah-compliant funds had N151.99bn, specialised funds N54.71bn and ethical funds N20.57bn.

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The industry’s assets have increased steadily in recent weeks, rising from N9.54tn on 21 August to N9.89tn on 9 October. That represents growth of N345.63bn, or 3.62 per cent.

Money market funds continued to drive the expansion, with their net asset value rising by 5.52 per cent from N6.37tn recorded on 14 August.

Stanbic IBTC Money Market Fund remained the country’s largest fund, with assets of N3.13tn, according to SEC rankings dated 2 October.

Seven of the 10 largest funds were money market products, underlining the segment’s dominance.

However, changes in net asset value do not necessarily represent fresh investor inflows, as they can also reflect redemptions, investment income and valuation changes. Dollar funds’ reported naira value can also fluctuate with exchange rates.