Nigeria's Finance Sector Grows 9.29% in Q2 2026

In the second quarter of 2026, Nigeria's finance and insurance sector experienced a year-on-year growth of 9.29%, significantly outpacing the broader economy's growth of 4.43%, as reported by the National Bureau of Statistics (NBS). This growth, however, marked a decline from the 16.13% growth recorded in the same quarter of 2025.

The sector's performance is primarily driven by financial institutions, which constitute 87.22% of the sector, while insurance accounts for 12.78%. In nominal terms, the sector grew by 11.88%, with financial institutions growing by 10.92% and insurance by 18.88%.

Despite this robust growth, the sector's contribution to real GDP was 3.37%, an increase from 3.23% a year prior but lower than the 3.76% in Q1 2026. The completion of a banking sector recapitalization has strengthened the system, according to Aloysius Uche Ordu, a member of the Monetary Policy Committee (MPC).

Bandele A.G. Amoo noted that while the banking system is stable, credit intermediation remains suboptimal.