Banks, insurance companies and other financial institutions saw their contribution to Nigeria’s economy fall by 15 per cent to N1.512 trillion in the third quarter of 2025.
Data from the National Bureau of Statistics showed that the sector’s output declined for the second straight quarter after reaching N1.778 trillion in the first quarter of the year.
In the second quarter of 2025, the sector’s contribution fell by 7.1 per cent to N1.651 trillion. This was followed by a further 8.4 per cent decline in the third quarter, when it dropped to N1.512 trillion.
Despite the quarterly slowdown, the sector recorded growth on a year on year basis. Total contribution for the first nine months of 2025 stood at N4.94 trillion, up 16.8 per cent from N4.23 trillion recorded in the same period of 2024.
The share of the finance and insurance sector in total Gross Domestic Product also increased. It rose to 3.0 per cent in the first nine months of 2025 from 2.7 per cent in the corresponding period of 2024.
Further analysis showed steady yearly growth across the three quarters. In the first quarter of 2025, the sector grew by 15 per cent compared to the same period in 2024. Growth rose to 16.1 per cent in the second quarter and climbed further to 19.6 per cent in the third quarter compared with Q3 2024.
The figures highlight a sector that is growing compared to last year but struggling with short term declines in 2025.
