Nigerian Mutual Funds Witnessed 50% Growth In 2020

Even though the year 2020 was undoubtedly one of the worst years in history due to the coronavirus pandemic, and the lockdown issued by the government which affected different businesses in the country. One financial industry in Nigeria seems to be coping just fine “The Nigerian mutual fund industry”. It seems the year 2020 is the year with the highest growth in the value of the mutual fund assets in Nigeria.

HOW MUCH PROFIT THE NIGERIA MUTUAL FUNDS INDUSTRY MAKE IN 2020?
According to data from the Security and Exchange Commission, SEC, the value of Nigeria’s mutual funds was N1.042 trillion at the end of 2019, data’s from the SEC shows that the net asset value of Nigeria open end fund had risen to N1.572 trillion at the end of 2020 which showed and increase of 50.79%.

According to reports from Nairametrics, a deeper analysis of the industry revealed that the mutual fund contributions were about N0.903 trillion and redemptions amounted to about N0.42 trillion in the year 2020. The mutual funds gathered an estimated sum of N46.7 billion in gains.

HOW WELL DID THEY PERFORM COMPARED TO THE PREVIOUS YEAR?
When compared to the year 2019, the capital activities were slightly far apart. Capital activities came up to N0.66 trillion which resulted in a net inflow of N 0.38 trillion, meanwhile, the net inflows of 2020 stood at N0.483 trillion. When the N9.9 billion gain is compared to the N 46.7 billion gain made in 2020, we can see that the pandemic was no problem for the mutual fund industry

Most funds closed 2020 in the black, as 15 from the 118 mutual funds on the SECs NAV summary report. The advantage remains that no fund group dominated in making gains. Even though most of the funds that recorded huge gains came from the Euro Dollar category, bond and fixed-income funds also made a large number of gains. The Stanbic IBTC Nigeria equity fund also made some reasonable amount of gains too.

On the demerits, two funds from the Real Estate Investment fund category encountered the greatest amount of loss, which is to show that the pandemic has been affecting the Real Estate Investment trust funds. It is laudable that the Nigerian mutual fund industry performed well in 2020. Stay connected with us at [url]FXcryptonews.com[/url] for recent updates, news and events.

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