Lagos, Nigeria – Nigeria’s finance and insurance sector recorded a 14.54 percent growth rate in 2025, representing a sharp increase from the 2.95 percent growth posted in 2024, according to the latest Gross Domestic Product report for Q4 2025 released by the National Bureau of Statistics on Friday.
Okay News reports that the data highlights a strong performance by the sector, which comprises financial institutions and insurance services. In real terms, financial institutions accounted for 90.43 percent of the sector’s output in Q4 2025, while the insurance subsector contributed 9.57 percent. The contribution of finance and insurance to real GDP stood at 2.56 percent in Q4 2025, representing an increase from 2.46 percent recorded in the same quarter of 2024.
In nominal terms, the finance and insurance sector grew by 26.58 percent year-on-year in Q4 2025. Financial institutions recorded a growth rate of 26.15 percent, while the insurance subsector posted a stronger growth rate of 30.83 percent. Overall nominal growth for 2025 stood at 38.51 percent, higher than the 22.82 percent recorded in 2024. The sector’s contribution to nominal GDP was 2.91 percent in Q4 2025, up from 2.70 percent a year earlier.
Real growth in the sector stood at 8.30 percent in Q4 2025, which was higher than the rate recorded in the fourth quarter of 2024. Quarter-on-quarter, growth in real terms was 8.37 percent, reflecting sustained expansion during the period. Nigeria’s overall GDP grew by 4.07 percent year-on-year in real terms in Q4 2025, indicating stronger economic expansion compared to earlier quarters.
The improved performance of the finance and insurance sector aligns with the broader expansion in Nigeria’s economy, highlighting the growing importance of financial services in supporting economic activity. This financial services growth underscores the sector’s increasing contribution to national output. Sustained financial services growth will depend on continued stability and innovation in the banking and insurance subsectors.
