Nigeria’s Deposit Money Banks (DMBs) have recorded total assets of ₦180.37 trillion, representing 41.8 per cent of the country’s nominal Gross Domestic Product (GDP), underscoring the growing strength and resilience of the nation’s financial sector.
The figures are contained in the 2026 State of Enterprise Report released on Tuesday by EnterpriseNGR, which highlights the strong performance of Nigeria’s Financial and Professional Services (FPS) sector despite inflationary pressures, tight monetary conditions, exchange rate adjustments and ongoing economic reforms.
According to the report, the financial and insurance sector emerged as the largest contributor to Company Income Tax (CIT), generating ₦1.50 trillion, equivalent to 30 per cent of total collections, while contributing an additional ₦421 billion in Value Added Tax (VAT).
The report also showed that the Nigerian Exchange (NGX) recorded one of its strongest performances in recent years, with the All-Share Index advancing 51.19 per cent in 2025 and maintaining its upward momentum into the first quarter of 2026.
Market capitalisation increased by 58.3 per cent to ₦99.38 trillion in 2025 before climbing further to ₦129.21 trillion by the end of the first quarter of 2026.
EnterpriseNGR noted that total market transactions rose to ₦11.92 trillion, driven largely by increased participation from domestic investors.
The report further revealed strong growth across the insurance and pension industries. Gross insurance premiums written climbed 47.3 per cent to ₦2.30 trillion, while industry assets expanded 24.2 per cent to ₦4.79 trillion.
Pension assets also recorded significant growth, rising 21.9 per cent to ₦27.45 trillion before increasing to ₦29.52 trillion in the first quarter of 2026.
In the digital finance space, Nigeria retained its position as Africa’s leading fintech hub, with more than 500 fintech companies valued at over 10.6 billion dollars.
The report added that electronic payment transactions reached ₦384 trillion across 4.12 billion transactions by July 2025, reflecting the continued expansion of the country’s digital payment ecosystem.
Speaking at the launch of the report, the Chief Executive Officer of EnterpriseNGR, Obi Ibekwe, described the publication as a critical resource for businesses, investors and policymakers seeking data-driven insights into the economy.
“The State of Enterprise Report 2026 is not just a review of sector performance; it is a decision-making tool,” Ibekwe said.
“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.”
