Nigeria's Financial Services Sector to Hit N6.58 Trillion in 2025

According to the National Bureau of Statistics (NBS), Nigeria's financial services sector is projected to contribute N6.58 trillion to the country's Gross Domestic Product (GDP) in 2025, reflecting a 15% increase from N5.74 trillion in 2024. The report highlights that the banking sector will account for 90.43% of this contribution, while the insurance sector will contribute 9.57%.

The financial services sector's growth is attributed to reforms, increased daily transactions, and the impact of fintech companies. In the fourth quarter of 2025, the banking sector recorded a growth of N5.87 trillion, a 14.36% increase from N5.13 trillion in 2024.

The insurance sector is expected to contribute N710.58 billion in 2025, marking a 16.04% increase from N612.35 billion in 2024. The report indicates that the overall growth rate for the financial services sector in real terms stood at 8.30% higher than the previous year, with significant contributions from both banking and insurance sectors.