Key points
- Deposit Money Banks’ total assets rose to N180.37 trillion, equivalent to 41.8% of Nigeria’s nominal GDP.
- The financial and insurance sector became the largest contributor to Company Income Tax, paying N1.50 trillion.
- Nigeria’s capital market recorded strong growth, with market capitalisation reaching N129.21 trillion by Q1 2026.
- EnterpriseNGR says the financial sector remains resilient despite inflation, exchange rate pressures and economic reforms.
Main story
Deposit Money Banks (DMBs) in Nigeria recorded total assets of N180.37 trillion, equivalent to 41.8 per cent of the country’s nominal Gross Domestic Product (GDP), according to the 2026 State of Enterprise Report released by EnterpriseNGR.
The report, unveiled in Lagos on Tuesday, said Nigeria’s Financial and Professional Services (FPS) sector continued to demonstrate resilience despite persistent inflation, tight monetary conditions, exchange rate adjustments and ongoing structural reforms.
It showed that the financial and insurance industry emerged as the country’s largest contributor to Company Income Tax (CIT), accounting for N1.50 trillion, representing 30 per cent of total collections. The sector also contributed an additional N421 billion in Value Added Tax (VAT).
The report highlighted a strong performance by the Nigerian capital market, with the NGX All-Share Index advancing by 51.19 per cent in 2025 before extending its gains into the first quarter of 2026.
Market capitalisation increased by 58.3 per cent to N99.38 trillion in 2025 and climbed further to N129.21 trillion by the end of the first quarter of 2026.
Trading activity also strengthened considerably, with the value of transactions more than doubling to N11.92 trillion, supported mainly by increased participation from domestic investors.
The insurance industry recorded robust growth during the period, with gross premiums written rising by 47.3 per cent to N2.30 trillion, while total industry assets expanded by 24.2 per cent to N4.79 trillion.
Nigeria’s pension industry also continued its upward trajectory, with pension assets growing by 21.9 per cent to N27.45 trillion before reaching N29.52 trillion in the first quarter of 2026.
According to the report, Nigeria maintained its position as Africa’s leading fintech hub, hosting more than 500 fintech companies with a combined valuation exceeding $10.6 billion.
It added that electronic payment transactions reached N384 trillion across 4.12 billion transactions by July 2025, underscoring the continued expansion of the country’s digital payments ecosystem.
Speaking at the launch of the report, EnterpriseNGR Chief Executive Officer, Ms Obi Ibekwe, described the publication as a practical resource for businesses, investors and policymakers seeking to make informed decisions.
She said the report highlights areas where investor confidence is improving, capital is flowing and reforms are delivering results, while also identifying areas requiring further policy action.
According to Ibekwe, the findings reaffirm the strategic importance of the Financial and Professional Services sector in supporting enterprise development, attracting investment and strengthening Nigeria’s competitiveness.
She added that the next priority is to convert the sector’s momentum into broader financial inclusion, stronger institutions, more effective regulation and sustained economic growth.
The issues
Nigeria’s financial sector has continued to expand despite macroeconomic challenges, supported by banking sector growth, stronger capital market performance and increasing adoption of digital financial services. The report suggests that ongoing reforms are improving investor confidence, although sustaining growth will require deeper financial inclusion, stronger institutions and continued regulatory improvements.
What’s being said
“The State of Enterprise Report 2026 is not just a review of sector performance; it is a decision-making tool.” — Obi Ibekwe, Chief Executive Officer, EnterpriseNGR
“It shows where confidence is returning, where capital is moving, where reforms are beginning to take effect, and where further action is required.” — Obi Ibekwe
What’s next
EnterpriseNGR says policymakers and industry stakeholders will be expected to build on the sector’s recent gains by advancing reforms that deepen financial inclusion, strengthen regulation and support long-term economic growth.
Bottom line
The latest EnterpriseNGR report points to a resilient financial sector, with stronger banking assets, capital market performance and digital finance reinforcing the industry’s growing role in Nigeria’s economy despite continued macroeconomic pressures.
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