Nigeria's Deposit Money Banks recorded total assets of N180.37 trillion, equivalent to 41.8 per cent of the country's nominal GDP, according to the 2026 State of Enterprise Report released by EnterpriseNGR in Lagos. The report attributes this to resilience in the financial and insurance sector despite inflationary pressures, tight monetary policy, exchange rate adjustments, and ongoing structural reforms. This sector contributed N1.50 trillion in Company Income Tax, representing 30 per cent of total collections, and an additional N421 billion in Value Added Tax.
The Nigerian capital market also saw strong performance, with the NGX All-Share Index rising 51.19 per cent in 2025 and continuing its growth into the first quarter of 2026. Market capitalisation increased to N99.38 trillion in 2025 and reached N129.21 trillion by the end of Q1 2026. Total market transactions more than doubled to N11.92 trillion, driven largely by domestic investors. Insurance sector gross premiums rose 47.3 per cent to N2.30 trillion, while industry assets grew 24.2 per cent to N4.79 trillion.
Pension assets expanded by 21.9 per cent to N27.45 trillion in 2025 and further increased to N29.52 trillion in Q1 2026. Nigeria maintained its status as Africa's leading fintech hub, hosting over 500 fintech companies valued at more than $10.6 billion. Electronic payment transactions hit N384 trillion across 4.12 billion transactions by July 2025. At the report's launch, EnterpriseNGR Chief Executive Officer Obi Ibekwe described the publication as a decision-making tool for businesses, investors, and policymakers. He stated it reveals where confidence is returning, where capital is moving, and where reforms are beginning to take effect.
Obi Ibekwe claims the report shows where reforms are taking effect, yet highlights that financial gains remain concentrated in sectors like banking and fintech while broader economic transformation is not evident. The data reflects strong asset growth but does not demonstrate how this translates into tangible improvements for most Nigerians. The expansion of pension and insurance assets has not been linked to wider financial inclusion in the report. The celebration of fintech leadership stands in contrast to persistent gaps in access to basic banking services across rural communities.
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