The total assets of deposit money banks in Nigeria surged to N180.37 trillion, accounting for 41.8 per cent of the nation’s nominal gross domestic product (GDP), according to the 2026 State of Enterprise Report.
Launched in Lagos on Tuesday by EnterpriseNGR, the report underscored the resilience of the financial and professional services (FPS) sector amid inflationary pressures, tight monetary conditions, exchange rate volatility, and ongoing structural reforms.
The financial and insurance sector emerged as the largest contributor to company income tax (CIT), remitting N1.50 trillion – or 30 per cent of total collections – while generating an additional N421 billion in value-added tax (VAT).
Nigerian capital markets recorded a stellar performance, with the NGX All-Share Index advancing by 51.19 per cent in 2025, a rally sustained into the first quarter of 2026. Market capitalisation climbed 58.3 per cent to N99.38 trillion last year, rising further to N129.21 trillion by the end of Q1 2026. Total transactions more than doubled to N11.92 trillion, fuelled largely by domestic investors.
Meanwhile, insurance gross premiums written jumped by 47.3 per cent to N2.30 trillion, while industry assets expanded by 24.2 per cent to N4.79 trillion. Pension assets grew by 21.9 per cent to N27.45 trillion, subsequently rising to N29.52 trillion in the first quarter of 2026.
Nigeria retained its status as Africa’s premier fintech destination, hosting over 500 fintech firms with a combined valuation exceeding $10.6 billion. Electronic payment transactions reached N384 trillion across 4.12 billion individual transactions by July 2025.
EnterpriseNGR Chief Executive Obi Ibekwe described the report as a strategic decision-making tool, stating: “It shows where confidence is returning, where capital is moving, where reforms are beginning to take effect, and where further action is required to unlock the full potential of Nigeria’s Financial and Professional Services sector.” He stressed the need to translate this momentum into deeper financial inclusion and sustained economic growth.
