Pension reforms set sights on infrastructure investing
​In today’s cut-out from our core strategy document – the Nigeria Strategy Report, we focus on developments in domestic pensions industry over H2 16 as well as delineate potential impact of new initiatives on the market over 2017.
Despite prevailing economic headwinds which drove unemployment rate higher (+4pps to 13.8% in Q3 16) and delayed payments of RSA contributions to appropriate PFAs at the Federal and State levels, total pensions asset rose 17% YoY (2015: +11% YoY) to N6 trillion over 9M 2016. Specifically, the rise in the number of unemployed had stoked concerns over outflows from RSA accounts given the PENCOM provision which allows individuals who are out of work for a period of at least 4 months, to access 25% of their RSA contributions. The concerns notwithstanding, optimism was bolstered by subsisting increases in the number of compliance certificates issued by PENCOM which could cascade into new offsetting RSA inflows.
ARM Securities Limited is a full-service brokerage house that offers best-in-class brokerage services to local as well as foreign private and institutional investors. Formerly known as Hamilton Hammer, the Company commenced operation in 1994 and was acquired by ARM Investment Managers in 2008--an acquisition which has successfully re-positioned the company as a recognized brokerage firm in Nigeria. The Company is a dealing member of the Nigerian Stock Exchange (NSE) and is regulated by Securities and Exchange Commission (SEC). ARM Securities research team provides insightful commentaries on the Nigerian economy and its equity and debt markets using an approach which incorporates a thorough understanding of the fundamentals of the industries and companies under coverage. The research therefore adopts an integrated methodology of top-down analysis and bottom-up stock selection, which focuses on publicly quoted companies on the Nigerian Stock Exchange that are judged to offer the highest potential for earnings growth. In addition, its analysts provide periodic commentaries on a range of topical global and local issues which provide investing clients with a holistic view of the opportunities and risks in today’s financial market landscape.
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