Lagos: Deposit Money Banks (DMBs) in Nigeria have recorded total assets of N180.37 trillion, representing 41.8 percent of the country’s nominal Gross Domestic Product (GDP), according to the 2026 State of Enterprise Report. The report highlights the resilience of the Financial and Professional Services (FPS) sector despite challenges such as inflation, tight monetary conditions, exchange rate adjustments, and structural reforms.
According to News Agency of Nigeria, the report, released by EnterpriseNGR in Lagos, emphasized that the financial and insurance sector emerged as a major contributor to Company Income Tax (CIT), accounting for N1.50 trillion or 30 percent of total collections. Additionally, the sector contributed N421 billion in Value Added Tax (VAT).
The report also noted significant gains in the Nigerian capital market, with the NGX All-Share Index increasing by 51.19 percent in 2025 and maintaining the momentum into the first quarter of 2026. Market capitalisation witnessed a rise of 58.3 percen
t to N99.38 trillion in 2025, further increasing to N129.21 trillion by the end of the first quarter of 2026. Domestic investors were largely responsible for more than doubling total market transactions to N11.92 trillion.
Insurance sector growth was also highlighted, with gross premiums written growing by 47.3 percent to N2.30 trillion and industry assets increasing by 24.2 percent to N4.79 trillion. Pension assets expanded by 21.9 percent to N27.45 trillion, reaching N29.52 trillion in the first quarter of 2026.
The report pointed out Nigeria’s continued dominance as Africa’s leading fintech hub, featuring over 500 fintech companies valued at more than 10.6 billion dollars. Electronic payment transactions reached N384 trillion across 4.12 billion transactions by July 2025.
Ms. Obi Ibekwe, Chief Executive Officer of EnterpriseNGR, remarked at the report’s launch that the publication serves as a strategic tool to support evidence-based decision-making for businesses, investors, and policymakers. She emphas
ized that the report not only reviews sector performance but also provides insights into areas where confidence is returning, capital is moving, reforms are taking effect, and further action is needed to unlock the full potential of Nigeria’s FPS sector.
Ibekwe underscored the critical role of the FPS sector in driving enterprise, investment, and national competitiveness. She highlighted the priority of translating the sector’s momentum into deeper financial inclusion, stronger institutions, improved regulation, and sustained economic growth.