Nigeria’s financial sector is showing remarkable strength, with deposit money banks recording total assets of N180.37 trillion, equivalent to 41.8 per cent of the country’s nominal Gross Domestic Product (GDP). The figure, revealed in the 2026 State of Enterprise Report by EnterpriseNGR, highlights the growing influence of the banking industry in supporting economic activity despite persistent challenges such as inflation, exchange rate volatility, and tight monetary policies.
The report paints a picture of a sector that continues to thrive amid reforms and economic adjustments. Financial institutions not only strengthened their balance sheets but also emerged as the largest contributors to Company Income Tax (CIT), generating N1.50 trillion, which accounted for 30 per cent of total collections. The sector also contributed N421 billion in Value Added Tax (VAT), reinforcing its role as a major source of government revenue and economic stability.
Nigeria’s capital market also delivered one of its strongest performances in recent years. The Nigerian Exchange (NGX) All-Share Index surged by 51.19 per cent in 2025 and maintained its upward momentum into the first quarter of 2026. Market capitalisation climbed from N99.38 trillion in 2025 to N129.21 trillion by the end of the first quarter of 2026, while total market transactions more than doubled to N11.92 trillion, largely driven by increased participation from domestic investors.
Beyond banking and the stock market, the insurance and pension industries recorded significant growth. Insurance gross premiums written rose by 47.3 per cent to N2.30 trillion, while industry assets expanded to N4.79 trillion. Pension assets also grew strongly, reaching N29.52 trillion in the first quarter of 2026. Meanwhile, Nigeria maintained its status as Africa’s leading fintech destination, hosting more than 500 fintech companies with a combined valuation exceeding $10.6 billion. Electronic payment transactions reached an impressive N384 trillion across 4.12 billion transactions, underscoring the country’s rapid shift toward digital finance.
Speaking at the report’s launch in Lagos, EnterpriseNGR Chief Executive Officer Obi Ibekwe described the publication as more than a performance review, calling it a guide for investors, businesses, and policymakers seeking to understand where opportunities are emerging. According to him, the findings reveal growing investor confidence, increased capital flows, and early signs that ongoing reforms are yielding results. As Nigeria seeks to strengthen financial inclusion and economic competitiveness, the report suggests that the financial and professional services sector remains one of the country’s most powerful engines for long-term growth.