Finance and Insurance Sector Contributes N1.93 trn in Q1 2026 as GDP Growth Dips to 3.8%

The latest report from the National Bureau of Statistics shows that finance and insurance firms added N1.93 trillion to real GDP in Q1 2026, up from N1.78 trillion in the same quarter last year. This 8.5% growth underscores the resilience of banks and insurers amid broader economic pressures. Financial institutions remained the dominant driver, accounting for N1.75 trillion of the sector’s output—an 8.4% increase year-on-year. The insurance sub-sector also expanded by 9.9%, reaching N180.95 billion thanks to stronger premium sales and wider market reach. In nominal terms, the sector recorded nearly 47% growth for banks and almost 49% for insurers. Its share of total GDP rose to 3.83% in Q1 2026, compared with 3.07% a year earlier. Despite this robust performance, overall national growth slowed to 3.8% over the period. The data highlight the finance and insurance industry’s growing role in Nigeria’s economy even as broader growth moderates.

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