FBNQuest

We are delighted to announce that FBNQuest Asset Management has been awarded “Excellence in Asset Management” at the BusinessDay BAFI Awards 2024! This achievement reflects our commitment to delivering exceptional value and results for our clients. Thank you for trusting us on this journey! #FBNQuestAssetManagement #BAFIAwards2024 #FBNQuest

We’re honored to receive the Excellence in Merchant Banking award at the 2024 BAFI Awards by BusinessDay. This recognition fuels our commitment to delivering top-tier financial solutions. Here’s to many more milestones! 🏆 #FBNQuest #FBNQuestMerchantBank #BAFIAwards

Today, we turn our attention to the services account of the balance of payments (BoP). This follows our previous note on the BoP (Good Morning Nigeria, 24 October 2024), where we highlighted that Nigeria recorded a current account surplus of USD5.1 bn, equivalent to 11.5% of GDP in Q2 2024. As indicated in our chart below, the net deficit on the services account increased to USD3.5bn in Q2 '24, equivalent to 7.7% of GDP, up from USD3.3bn, or 7.1% of GDP, in the preceding quarter. In this note, we take a closer look at the services account and assess the key factors influencing its performance. #FBNQuestResearch

L - R Anne Oragwu, Head, Investment Advisory - Personal, FBNQuest Asset Management; Frank Aigbogun, Publisher of Business Day Newspaper; Ifeoluwa Dixon, Head, Fixed Income, FBNQuest Asset Management and Funmi Lefevre, Marketing and Corporate Communications Executive, FBNQuest at the BusinessDay Banks and Other Financial Institutions Awards 2024 in Lagos recently. #FBNQuestAssetManagement #BAFIAwards #PoweredByPeople #PeopleOfFBNQuest

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L - R Frank Aigbogun, Publisher of Businessday Newspaper; Adebiyi Adeboye, Ag. Chief Risk Officer, FBNQuest Merchant Bank; Sunday Omoniwa, Head, Corporate Banking and Agency Business, FBNQuest Merchant Bant at the BusinessDay Banks and Other Financial Institutions Awards 2024 in Lagos recently. #BAFIAwards #PeopleOfFBNQuest #PoweredByPeople #FBNQuestMerchantBank

In its latest Quarterly Statistical Bulletin (QSB), the Central Bank of Nigeria (CBN) revealed that the total value of Nigeria’s merchandise trade declined by -10% q/q and -11% y/y to USD23.5bn in Q2 ’24. The trade figure comprises export and import trade positions of USD13.9bn and USD9.5bn, respectively. The external trade balance resulted in a higher trade net surplus of USD4.4bn compared with a net surplus of USD2.2bn registered in the previous quarter. #FBNQuestResearch

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How often should you update your Estate Plan? When was the last time you thought about updating yours? Join Mutiat Olatunji on Classic FM today at 5:30 PM as she shares more insights on this topic. See flyer for more listening times. #LegacySeries #FBNQuestTrustees #FBNQuest

The most recent update from the National Pension Commission (PenCom) shows that the total assets under management (AUM) of the regulated pension industry increased by roughly NGN346bn or +2% m/m to NGN21.1trn in Aug ’24. Excluding a brief moderation in Mar ’24, Nigeria’s pension assets have steadily increased since Oct ’22. On a y/y basis, the value of the pension AUM expanded by +22% y/y. Despite the positive outcomes of the pension industry in recent years, the sector remains underpenetrated. For context, Nigeria’s pension savings penetration level (assets/GDP ratio) is quite low at 9.2%. This pales in comparison with the World Bank’s (2020) global average estimate of 29.4%. #FBNQuestResearch