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Agusto & Co. Foresees Robust Growth in Managed Assets, to Surpass N10tn by 2025

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Credit rating agency, Agusto & Co., has projected that managed assets in the country will witness an average annual growth rate of 32.4 per cent over the next two years.

The firm noted that while this represents a deceleration compared to the previous two years’ average growth rate of 45.8 per cent, the industry is still expected to see significant expansion, with managed assets surpassing the N10 trillion mark by 2025.

In its 2024 Asset Management Industry Report, it said the anticipated growth will be fuelled by several key factors, such as higher yields which are expected to attract more investments, while increased contributions from pension fund administrators and institutional clients will also play a crucial role.

Additionally, it stated that the strategic allocation of funds in international money markets is being leveraged to counteract the effects of the depreciating local currency.

It stated, “In 2023, the Nigerian asset management industry demonstrated resilience through innovative financial products and effective asset diversification. Total assets under management (AUM) increased by 44 per cent to N5.9 trillion, driven by the growth of dollar-denominated portfolios and increased participation from retail and institutional investors.

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“The industry’s offerings are divided into three segments: Collective Investment Schemes (CISs), Segregated Portfolios, and Alternatives. CISs, or mutual funds, pool clients’ funds for management.

“Segregated portfolios include privately managed discretionary and non-discretionary funds, along with other private collective investment schemes not listed on the SEC’s website. Alternatives encompass non-traditional assets such as REITs, private equity, and infrastructure funds.

“In 2023, segregated portfolios surpassed collective investment schemes, contributing 57 per cent of the industry’s AUM as investors shifted away from the more restrictive and conservative CISs, which accounted for 35 per cent. Alternative assets, including publicly-listed private equity, REITs, and infrastructure funds, made up 8% of managed assets.”

Agusto & Co. forecasts robust growth in the industry’s managed assets, projecting an average annual growth rate of 32.4 per cent over the next two years, albeit at a slower pace compared to the 45.8 per cent average for the previous two years.

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Atte, Nigerian Develops AI Algorithm for Hair Transplants

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Atte Ayodeji, a Nigerian computer scientist,has developed an artificial intelligence algorithm capable of detecting, counting, grouping and generating healthy hair follicles during hair transplant procedures, an innovation that earned him the Best Innovative Technology award.

Atte, Nigerian Develops AI Algorithm for Hair Transplants

Atte Ayodeji

Ayodeji also graduated with a Distinction in his Master of Science (MSc) in Computer Science from Birmingham City University on Friday, adding another milestone to an impressive academic year.

Beyond his award-winning hair transplant innovation, the Nigerian researcher developed a system and framework on Explainable Artificial Intelligence (XAI) as a professional responsibility in the diagnosis of lung cancer.

His dissertation received a silver award at the PGXPO2026 Winter, further highlighting the impact of his research in applying artificial intelligence to healthcare.

Sunday Dare, special adviser on Media and Public Communication to President Tinubu,  celebrated Ayodeji’s achievements in a post on X, recalling how he first met him in 2019 during his National Youth Service.

“In 2019 when I became a Minister of the Republic, I met a young man of medium height, genteel with penetrating eyes: Atte Ayodeji. His words rarely come out and he could easily be passed by unnoticed. But I noticed him especially when my SA Kemi Areola brought him to me asking my approval for him to do his Youth Service in my office. I approved. From then on he was unstoppable. His brilliance shown and he developed skills beyond his frame.”

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Highlighting Ayodeji’s recent accomplishments, Dare congratulated him saying, “Congratulations Atte. I am proud of you!”

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FG to Abolish Subsidies in Power Sector in 2027 – Minister

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Mr. Joseph Tegbe, minister of Power, has said that the federal government plans to end power sector subsidies from 2027 and that there are no immediate plans for tariff increases.

FG to Abolish Subsidies in Power Sector in 2027 – Minister

Mr. Joseph Tegbe, minister of Power

The minister told journalists during the media interactive session at the weekend that the government has announced plans to phase out electricity subsidy payments from 2027 as part of efforts to address mounting liabilities in the power sector.

He explained that the planned removal forms part of the broader reforms aimed at ensuring the long-term sustainability of the electricity sector, while tackling the financial challenges confronting the industry.

According to the minister, despite the planned subsidy withdrawal, there are no immediate plans to increase electricity tariffs, reassuring consumers that the government is not considering a tariff hike in the short term.


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AfCFTA Urges Africa to Stop Exporting Raw Materials

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Patience Okala, the National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office has urged African countries to stop exporting raw materials and instead focus on adding value to its natural resources if it is to fully harness the opportunities offered by the African Continental Free Trade Area.

She stated this on Thursday at the Streamsowers & Köhn 20th Anniversary Business Forum, where she stressed that value addition and beneficiation are essential to Africa’s industrialisation and long-term economic growth.

According to a statement issued on Friday by the Nigeria AfCFTA Coordination Office, she said the AfCFTA goes beyond the elimination of tariffs, serving as a framework for industrialisation, value addition, and job creation across the continent.

“AfCFTA is not only about tariffs; it is also about value addition. Africa has to stop exporting raw materials. We need to add value and ensure that beneficiation is done on the continent,” she said.

Okala also said Africa’s economic transformation would depend on the effective implementation of the AfCFTA rather than on the signing of trade agreements alone.

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“We have moved beyond negotiations. The success of AfCFTA will be measured by the extent to which businesses can access new markets, trade seamlessly across borders, and benefit from the opportunities created by the agreement,” she said.

She noted that Nigeria had intensified efforts to implement the agreement under the leadership of the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, including the development of simplified AfCFTA guides in six languages to help businesses understand and take advantage of opportunities under the trade pact.

Okala called for stronger collaboration among governments, regulators, and the private sector to eliminate barriers to trade and investment and build a truly integrated African market.

“As we move from policy to implementation, our collective responsibility is to ensure that the opportunities created by AfCFTA become practical realities for businesses, particularly MSMEs, women-owned enterprises, and young entrepreneurs across the continent,” she said.

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