Nigeria’s financial and insurance sector recorded a 6.57 percent increase in the second quarter of 2024, according to the National Bureau of Statistics (NBS) has shown.
On a year-on-year basis, the NBS reported that this a 5.26 percentage point increase from the rate recorded in the 2023 second quarter.
“Growth in this sector in real terms totalled 28.79 percent, higher by 1.95 percent points from the rate recorded in the 2023 second quarter and lower by 2.44 percent points from the rate recorded in the preceding quarter,” the statistics body said.
It explained, “The Finance and Insurance Sector consists of the two subsectors, Financial Institutions and Insurance, in which the former accounted for 91.89 percent and the latter 8.11 percent of the sector respectively in real terms in Q2 2024.”
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The growth rate from both sectors reached N3.89 trillion, up from N2.08 trillion that was reported in the corresponding second quarter of 2023. The NBS stated that the contribution of finance and insurance to real GDP was 6.81 percent in the first quarter 2024.
It added, “The contribution of Finance and Insurance to real GDP totalled 6.57 percent, higher than the contribution of 5.26 percent recorded in the second quarter of 2023 by 1.31 percent points, and lower than 6.81 percent recorded in Q1 2024 by 0.24 percent points.
“As a whole, the sector grew at 86.59 percent in nominal terms (year-on-year), with the growth rate of Financial Institutions at 88.87 percent and 64.14 percent growth rate recorded for Insurance.”
