Wednesday, January 20

Tag: Nigerian Mutual Funds

Nigerian Mutual Funds Hit N1.26 Trillion In 5 Months
Business

Nigerian Mutual Funds Hit N1.26 Trillion In 5 Months

Total net asset of collective investment schemes and funds in Nigeria has risen to N1.257 trillion in the first five months of the year. There is no doubt that COVID-19 has affected various parts of the Nigerian economy and indeed, the world economy. One industry in Nigeria that has remained resilient in spite of it all, is the mutual fund industry. Data released by the Securities and Exchange Commission (SEC) as at May 29, 2019 showed that net asset value of mutual funds rose by N251 billion or 24.95 per cent from N1.006 trillion on December 29, 2019 to N1.257 trillion to close the first five months of the year, on May 29, 2019. The analysis revealed that in spite of the decline of 5.864 per cent witnessed in the Nigerian equities market during the period under review, the Ni...