In 2022, the global pension assets declined by 15.4% to $47.9 trillion due to the heightened volatility in the global operating environment. Many central banks around the world have raised interest rates in response to rising global uncertainty and inflation, which has inadvertently reduced the AuM of pension managers. Nonetheless, the pension industry remains the largest contributor to global assets under management (AuM), accounting for 56% of managed assets.
As at 31 December 2022, Nigeria’s total pension assets reached ₦14.99 trillion with an upswing in enrollees was primarily due to increased compliance levels in both the private and public sectors and increased marketing efforts by PFAs.
The Agusto & Co. 2023 Pension Industry Report captures the following: