Pension assets to hit N20trn mark by 2023

Agusto & Co. has projected that pension industry’s net assets will hit the N20 trillion mark by 2023, recording an average growth rate of 18 per cent (in line with the five year average growth rate of 18 per cent) in the next three years leading to 2023.

The rating agency, in a new report, envisages continuous growth in pension assets supported by increased participation on the back of the country’s favourable demography of young adults and rising yields in money market instruments. “In addition, we expect an improvement in the performance of the Industry as operators compete for higher return on investments, improved customer service and use of technology for operational efficiency. “The Nigerian pension Industry has evolved from one with predominantly public sector participants running a defined benefit scheme to a mandatory defined contribution system for all government and private sector employees.

“The 2004 pension reform redefined retirement planning in Nigeria and drove a significant growth in the number of enrolees and the size of managed assets in the Industry,” the agency noted. Agusto & Co disclosed that as at December 31, 2020, the Nigerian pension industry’s assets under management (AuM) stood at N12.3 trillion (or $32.3 billion). This represented a 20.6 per cent growth over the N10.2 trillion reported at the end of 2019 and an 18.3 per cent compound annual growth rate over the last five years. According to Agusto & Co.’s newly released 2021 Pension Industry report and survey, the growth in the industry’s managed assets has been largely driven by investment returns and additional contributions, to a lesser extent.




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