NGX market cap hits ₦129.21trn (Q1 2026)
Insurance premiums up 47.3% to ₦2.30trn
Pension funds grow to ₦29.52trn
Fintech valued at $10.6bn, 500+ firms
E‑payments reach ₦384trn, 4.12bn transactions
Lagos: Nigeria’s financial sector is showing remarkable resilience, with banks, insurers, pension funds, and fintech firms driving growth despite economic headwinds.
The 2026 State of Enterprise Report, released by EnterpriseNGR in Lagos, reveals that Deposit Money Banks now hold assets worth ₦180.37 trillion, equal to 41.8 per cent of Nigeria’s GDP.
For millions of Nigerians, this figure reflects the scale of trust placed in the banking system, even as households and businesses grapple with inflation and currency reforms.
The report highlights the financial and insurance sector as the government’s largest taxpayer, contributing ₦1.50 trillion in Company Income Tax—nearly a third of total collections—and an additional ₦421 billion in VAT.
Nigeria’s capital market has been buoyant, with the NGX All-Share Index surging 51.19 per cent in 2025. Market capitalisation rose from ₦99.38 trillion to ₦129.21 trillion by the first quarter of 2026, driven largely by domestic investors whose confidence has returned in force.
Insurance firms are expanding rapidly, with gross premiums written rising by 47.3 per cent to ₦2.30 trillion, while industry assets grew to ₦4.79 trillion. Pension funds, which millions of workers rely on for retirement, swelled to ₦29.52 trillion by early 2026, offering a measure of security in uncertain times.
Nigeria’s fintech ecosystem continues to lead Africa, hosting more than 500 firms valued at $10.6 billion.
Electronic payments are reshaping everyday life, with transactions worth ₦384 trillion processed across 4.12 billion payments by mid‑2025—whether it’s traders in Lagos markets, students paying tuition, or families sending remittances.
At the launch of the report, EnterpriseNGR’s Chief Executive Officer, Obi Ibekwe, said the findings go beyond numbers. “The State of Enterprise Report 2026 is not just a review of sector performance; it is a decision-making tool.
It shows where confidence is returning, where capital is moving, where reforms are beginning to take effect, and where further action is required to unlock the full potential of Nigeria’s Financial and Professional Services sector,” she explained.
Ibekwe emphasised that the challenge now is to translate this momentum into deeper financial inclusion, stronger institutions, and sustained growth.
For businesses, investors, and policymakers, the report is a reminder that Nigeria’s financial sector is not only weathering the storm—it is shaping the country’s future.
