Deposit Money Banks (DMBs) 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.
According to the report, the financial and insurance sector emerged as the largest contributor to Company Income Tax (CIT), generating N1.50 trillion, which accounted for 30 per cent of total collections. The sector also contributed N421 billion in Value Added Tax (VAT).
The report noted that the Nigerian capital market delivered one of its strongest performances in recent years, with the NGX All-Share Index gaining 51.19 per cent in 2025 and maintaining the upward trend into the first quarter of 2026.
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. Total market transactions also more than doubled to N11.92 trillion, driven largely by domestic investors.
In the insurance industry, gross premiums written increased by 47.3 per cent to N2.30 trillion, while total industry assets grew 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.
Nigeria also maintained its position as Africa’s leading fintech hub, with more than 500 fintech companies valued at over $10.6 billion. Electronic payment transactions reached N384 trillion across 4.12 billion transactions by July 2025.
Speaking at the launch of the report, Chief Executive Officer of EnterpriseNGR, Obi Ibekwe, described the publication as a strategic tool 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.
Ibekwe said the report highlighted the critical role of the FPS sector in driving enterprise growth, investment and national competitiveness.
He added that the focus should be on translating the sector’s momentum into deeper financial inclusion, stronger institutions, improved regulation and sustained economic growth.
