EnterpriseNGR report spotlights Nigeria’s financial, professional services sector as engine of growth

Nigeria’s Financial and Professional Services (FPS) sector is emerging as one of the country’s most important engines of reform-led growth, capital mobilisation and enterprise development, according to the newly launched State of Enterprise Report 2026, EnterpriseNGR’s flagship publication on Nigeria’s FPS sector.

The report provides a comprehensive, evidence-based assessment of the sector’s performance across banking, insurance, capital markets, asset management, pensions, non-interest finance, fintech, professional services and sustainable finance, showing how the sector continues to support economic growth, investor confidence, government revenue and private sector resilience.

Set against a difficult macroeconomic backdrop shaped by inflationary pressure, tight monetary conditions, exchange rate adjustments and ongoing structural reforms, the report finds that the FPS sector did more than withstand disruption.

It helped transmit confidence back into the economy by attracting capital, deepening financial intermediation, expanding digital access and supporting businesses through a period of transition.

Among the report’s most notable findings, Deposit Money Banks’ total assets rose to N180.37 trillion, representing 41.8 percent of nominal GDP.

Financial and insurance activities also emerged as Nigeria’s largest contributor to Company Income Tax (CIT), accounting for N1.50 trillion or 30 percent of total CIT collections, while generating an additional N421 billion in VAT.

The capital markets recorded one of the strongest performances in recent years, with the NGX All-Share Index rising by 51.19 percent in 2025 and climbing further in Q1 2026.

Market capitalisation increased by 58.3 per cent to N99.38 trillion and reached N129.21 trillion by Q1 2026, while total market transactions more than doubled to N11.92 trillion, driven largely by domestic investors.

The report also highlights strong momentum across other sub-sectors. Insurance Gross Premiums Written increased by 47.3 percent to N2.30 trillion, while insurance sector assets rose by 24.2 percent to N4.79 trillion.

Pension assets grew by 21.9 percent to N27.45 trillion and increased further to N29.52 trillion by Q1 2026. Nigeria also retained its position as Africa’s leading fintech hub, with more than 500 fintech companies valued at over $10.6 billion, while electronic payments reached N384 trillion across 4.12 billion transactions by July 2025.

The State of Enterprise Report 2026 was officially unveiled during the EnterpriseNGR Members’ Night held in Lagos on Thursday July 2.

The launch brought together the Chairman of EnterpriseNGR, Aigboje Aig-Imoukhuede, the Lagos State Commissioner for Finance, Abayomi Oluyomi; chief executive officers and senior executives from Nigeria’s leading banks, insurance companies, pension administrators, capital market institutions, professional services firms and other EnterpriseNGR member organisations, alongside policymakers, regulators, development partners and industry stakeholders.

Speaking at the launch, Obi Ibekwe, Chief Executive Officer of EnterpriseNGR said the report was developed to help leaders move from instinct-led decisions to evidence-led action at a time when businesses, investors and policymakers are navigating rapid change.

“The State of Enterprise Report 2026 is not just a review of sector performance; it is a decision-making tool. It shows where confidence is returning, where capital is moving, where reforms are beginning to take effect, and where further action is required to unlock the full potential of Nigeria’s Financial and Professional Services sector,” she added.

“Across banking, capital markets, insurance, pensions, fintech and professional services, the data tells a clear story: the FPS sector is central to enterprise, investment and national competitiveness. The task ahead is to convert this momentum into deeper inclusion, stronger institutions, better regulation and sustained economic growth.”

Designed for chief executive officers, business leaders, investors, policymakers, regulators, researchers, academics and development partners, the report provides practical insights to support corporate strategy, investment decisions, policy development and long-term planning.

It combines official data, market intelligence and sector analysis to provide a balanced view of Nigeria’s economic outlook and the future of its FPS ecosystem.

Beyond the headline growth numbers, the report also identifies structural gaps that require urgent attention, including limited financial inclusion, low insurance penetration, shallow capital market liquidity, weak pension coverage in the informal sector, data limitations, skills gaps and the need for stronger governance and innovation across the FPS ecosystem.

EnterpriseNGR is a member of the World Alliance of International Financial Centers (WAIFC), a global network of leading international financial centres that facilitates collaboration, knowledge exchange and the sharing of best practices among financial hubs across the world.