Emmanuel Adewale, 25 years old, works in Abuja as a customer relationship manager at a major bank. His current personal portfolio is made mostly of bonds (60%), value stocks (20%), and ETFs (20%) listed on the Nigerian Stock Exchange (NSE). Considering that he is young and has a secure job, he feels that his portfolio is too conservative. He asks you for advice on his asset allocation.

a. If he would like to get more exposure to the growth of the economy, how should he change his portfolio, given the current asset universe?

b. After 10 years, with a more aggressive portfolio, he is now married with three kids. He has changed jobs and is now working for a private company, but in an economically unstable environment. How would you change his asset allocation now?