Deposit money banks in Nigeria recorded total assets of N180.37 trillion, representing 41.8 per cent of the country’s nominal gross domestic product (GDP), according to the 2026 state of enterprise report.

The report, released by EnterpriseNGR in Lagos on Tuesday, said the financial and professional services (FPS) sector remained resilient despite inflationary pressures, tight monetary conditions, exchange rate adjustments, and ongoing structural reforms.

It said the financial and insurance sector emerged as the country’s largest contributor to company income tax (CIT), accounting for N1.50 trillion or 30 per cent of total collections, while contributing an additional N421 billion in value added tax (VAT).

According to the report, the Nigerian capital market posted one of its strongest performances in recent years, with the NGX All-Share Index gaining 51.19 per cent in 2025 and sustaining the rally into the first quarter of 2026.

It added that market capitalisation rose by 58.3 per cent to N99.38 trillion in 2025 before increasing further to N129.21 trillion by the end of the first quarter of 2026.

The report also stated that total market transactions more than doubled to N11.92 trillion, driven largely by domestic investors.

It said insurance gross premiums written grew by 47.3 per cent to N2.30 trillion, while industry assets increased by 24.2 per cent to N4.79 trillion.

The report further revealed that pension assets expanded by 21.9 per cent to N27.45 trillion and rose to N29.52 trillion in the first quarter of 2026.

It noted that the country retained its position as Africa’s leading fintech hub, with more than 500 fintech companies valued at over $10.6 billion.

It also said that electronic payment transactions reached N384 trillion across 4.12 billion transactions by July 2025.

Obi Ibekwe, chief executive officer of EnterpriseNGR, said at the launch of the report that the publication remained a strategic tool designed to support evidence-based decision-making for businesses, investors and policymakers.

“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,” he said.

Mr Ibekwe said the report underscored the critical role of the FPS sector in driving enterprise, investment and national competitiveness.

He added that the priority was to translate the sector’s momentum into deeper financial inclusion, stronger institutions, improved regulation and sustained economic growth.

 (NAN)