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