Despite a year marked by economic turbulence and record-high inflation, Nigeria’s non-pension asset management industry posted a remarkable 71.2% growth in 2024, with total assets under management (AuM) rising to N10.1 trillion, according to a new report by Agusto & Co.
The surge, the report notes, was fueled by a combination of macroeconomic pressures, regulatory adjustments, and a sharp rise in retail investor participation—much of it driven by the expansion of digital investment platforms.
“In a year defined by significant macroeconomic instability and soaring inflation, Nigeria’s non-pension asset management industry did not just survive; it thrived, spectacularly,” the report stated.
These digital platforms lowered the barrier to entry for millions of young, tech-savvy investors, helping to democratize access to investment opportunities and broaden participation in the wealth-building ecosystem.
Agusto & Co. cautioned, however, that the sustainability of this growth trajectory remains uncertain, as much of the investment activity was spurred by a flight to safety in response to inflationary pressures and currency volatility.
“The industry’s growth was largely driven by investors seeking safe havens from inflation and currency fluctuations,” the report noted.
As the macroeconomic environment evolves, stakeholders will be watching closely to see whether this momentum can be maintained or if it was merely a short-term response to market instability.
