• Wednesday, February 28, 2024
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Financial institutions sector grows by 5.47% in Q2

Nigeria’s worst-performing sectors in Q2 2022

Nigeria’s financial and insurance sector has recorded a 5.47 percent increase over the previous quarter’s result, the latest data from the National Bureau of Statistics (NBS) has shown.

On a year-on-year basis, the report showed an increase higher by 8.37 percent points from the rate recorded in the 2022 second quarter

“Growth in this sector in real terms totaled 26.84 percent, higher by 8.37 percent points from the rate recorded in the 2022 second quarter and higher by 5.47 percent points from the rate recorded in the preceding quarter,” the report said.

According to NBS report, “The Finance and Insurance Sector consists of the two subsectors, Financial Institutions and Insurance, in which the former accounted for 90. 78 percent and the latter 9.22 per cent of the sector respectively in real terms in Q2 2023.

Read also: How agric, industry, other sectors contributed to Nigeria’s GDP in Q2, 2023

The growth rate from both sectors reached N2.08 trillion, up from N1.63 trillion that was reported in the corresponding second quarter of 2022, according to the latest report by the National Bureau of Statistics (NBS).

NBS stated that the contributions of finance and insurance to real GDP totaled 5.35 percent in the first quarter 2023.

“The contribution of Finance and Insuranceto real GDP totalled 5.26 percent, higher than the contribution of 4.25 percent recorded in the second quarter of 2022 by 1.01 percent points, and lower than 5.35 percent recorded in Q1 2023 by 0.08 percent points”.

“As a whole, the sector grew at 28 percent in nominal terms (year-on-year), with the growth rate of Financial Institutions at 30.41 percent and 8.29 percent growth rate recorded for Insurance.

“The overall rate was lower than Q2 2022 by 1.90 percent points, and higher by 5.63 percent points than the preceding quarter. The quarter-on-quarter growth was -0.83 per cent,” the report stated.