2025 Asset Management Industry Report

Overview of the Report

Agusto & Co.’s 2025 Asset Management Report presents a thorough evaluation of Nigeria’s non-pension asset management industry, analysing its structure, financial performance, regulatory context, and prevailing trends. Regulated by the Securities and Exchange Commission (SEC), the industry comprises over 200 asset managers offering collective investment schemes (CISs), segregated mandates, and alternative vehicles such as private equity and infrastructure funds.

In 2024, the industry recorded robust expansion, with total assets under management (AuM) rising by 71.2% to ₦10.1 trillion. This growth was driven by greater retail participation, increasing demand for dollar-denominated portfolios, and enhanced access via digital investment platforms. Segregated portfolios maintained dominance, accounting for 57% of total AuM, while CISs grew significantly to ₦3.74 trillion, representing 37% of assets. Alternative investments – including REITs and infrastructure funds – continued gaining traction, underscoring an evolving appetite for diversification. The industry remains moderately concentrated, with the top five firms controlling 55.5% of total AuM. These players, often subsidiaries of large banks or financial conglomerates, leverage strong brand equity and expansive distribution networks to sustain market leadership. Recent regulatory reforms have been pivotal in strengthening the industry, with enhanced capital thresholds, revised fee guidelines, and greater transparency fostering improved accountability.

Looking ahead, Agusto & Co. forecasts AuM to exceed ₦16 trillion by 2026. However, macroeconomic headwinds – including inflation, currency volatility, and regulatory shifts – may temper growth. To navigate these challenges, asset managers are expected to prioritise innovation, broaden investment offerings, and deepen investor education to support resilience and long-term industry sustainability.