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13 August 2021

Nigerian Pension Assets Predicted to Hit N20trillion by 2023, Recording an Average Growth Rate of 18%.

Following a significant growth in the number of enrollees and the size of managed assets, Nigeria’s pension assets is expected to hit the N20 trillion mark by 2023, recording an average growth rate of 18 percent in the next three years, a report by Agusto & Co. has revealed. According to the Agusto & Co.

Following a significant growth in the number of enrollees and the size of managed assets, Nigeria’s pension assets is expected to hit the N20 trillion mark by 2023, recording an average growth rate of 18 percent in the next three years, a report by Agusto & Co. has revealed. According to the Agusto & Co. 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. “In particular, over the last five years, the Industry’s annual contributions have averaged N699 billion while withdrawals have averaged about N341 billion, translating to a net annual contribution of N347 billion and accounting for 26.6 per cent of the Industry’s Assets Under Management (AuM) growth over the period. The remaining 73.4 per cent of average growth was attributable to investment returns earned on the portfolios. -This Day e-paper page 21.