With Nigeria’s commodities market set to reach a total size of $402.90 billion in 2023, Assetium Capital Management Limited, a commodities firm, is positioning itself to revitalize and strengthen Nigeria’s dynamic commodities sector. This sector has consistently played a pivotal role in contributing to the country’s GDP.
Boasting a capital base of over N300 billion, the company aspires to become one of the top three commodities companies in Nigeria by 2030.
Speaking during the company’s unveiling in Abuja, Chairman Dr. Abubakar Koro Muhammad emphasized that commodities consistently rank among Nigeria’s top exports, and Assetium Capital is determined to fortify and deepen the commodities industry in Nigeria, becoming a significant contributor to the country’s GDP.
Dr. Muhammad noted that Nigeria experienced significant economic growth, averaging over seven percent annually between 2000 and 2014, driven by favorable global conditions, prudent macroeconomic policies, and structural reforms. However, the country witnessed a slowdown in growth rates from 2015 to 2022, accompanied by stagnation in GDP per capita. Factors contributing to this downturn included distortions in monetary and exchange rate policies, increased fiscal deficits due to reduced oil production and fuel subsidy costs, trade protectionism, and external shocks such as the global COVID-19 pandemic. These challenges led to economic fundamentals deteriorating, resulting in a persistently high inflation rate.
To address these issues, the Nigerian government has taken proactive measures to attract and safeguard investments in the commodities sector. The Securities and Exchange Commission has established a dedicated commodity regulatory division to organize, nurture, and oversee a structured commodities market.
Dr. Muhammad believes that the Nigerian economy is poised for resurgence, with an anticipated average growth rate of 3.4 percent from 2023 to 2025. He emphasized the importance of the commodities industry, which consistently contributes to Nigeria’s GDP. In 2022, agriculture alone accounted for over 30 percent of the nation’s GDP. Commodities have also consistently ranked among Nigeria’s top exports.
The company’s CEO, Mr. Kunle Awoluyi, stated that Assetium Capital is actively engaging in forward and backward integrations in the commodities sector. Leveraging technology, the company aims to expand its business not only within Nigeria but across Africa and globally, reaching a wider audience.
Assetium Capital Management Limited was officially registered with the Corporate Affairs Commission in 2019, marking its formal entry into the commodities market. In March 2023, the company obtained a license from the Securities and Exchange Commission as a Commodity/Broker Dealer firm, further solidifying its presence in the industry. The company’s primary goal is to establish itself as a major player in the commodities sector, creating value for investors and delivering sound returns. The company envisions becoming one of the top three commodities companies in Nigeria by 2030 and has acquired registration status with recognized commodities exchange platforms.
Assetium Capital’s initiatives reflect its commitment to fostering economic growth, supporting the commodities sector, and contributing to Nigeria’s GDP.
