The National Bureau of Statistics’ most recent data show that the insurance sector’s growth decreased by 7.25 percent in the first quarter of 2023. The overall rate was lower than Q1 2022 by 9.91% points and lower than the previous quarter by 0.21 % points. Growth from one quarter to the next was 12.55 percent.
According to the report, in real terms, the former represented 91.75 percent and the latter 8.25 percent of the sector in Q1 2023, respectively. Analysts had projected that the cash scarcity situation brought on by the Central Bank of Nigeria’s currency redesign strategy would result in a fall in economic performance.
The sector contributed 4.11 percent of the nominal GDP, in Q1, 2023, higher than the 3.80 per cent it represented a year before, and higher than the contribution of 3.30 per cent it made in the preceding quarter according to the report.