Nigerian Insurance Sector to Contribute N710.58 Billion in 2025

According to a recent report from the National Bureau of Statistics (NBS), the Nigerian insurance sector is expected to contribute N710.58 billion to the GDP in 2025, reflecting a 16.04% increase from N612.35 billion in 2024. The financial services sector, which includes banking and insurance, contributed N6.58 trillion to GDP, a 15% increase from N5.74 trillion in the previous year.

The banking sector accounted for 90.43% of this contribution, while the insurance sector represented 9.57%. The report indicates that the insurance sector experienced significant growth, with a 21.37% increase in Q4 2025.

Analysts predict a positive outlook for the sector, driven by recent reforms and a proposed Nigerian insurance industry reform bill. The report highlights that the passage of this bill could enhance funding for insurance projects and improve the sector's overall performance in 2025.