EnterpriseNGR has unveiled its ‘State of Enterprise Report 2026’, identifying Nigeria’s Financial and Professional Services (FPS) sector as a major contributor to economic growth, investment, government revenue and enterprise development.
The report was launched during the EnterpriseNGR Members’ Night in Lagos and provides an assessment of the banking, insurance, capital markets, pensions, fintech, professional services and sustainable finance sectors.
Speaking at the event, the Chief Executive Officer of EnterpriseNGR, Mrs Obi Ibekwe, said the report was developed to provide business leaders, investors, and policymakers with data-driven insights to inform decision-making amid changing economic conditions.
“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,” she said.
Ibekwe noted that the report highlighted the strategic role of banking, capital markets, insurance, pensions, fintech and professional services in strengthening enterprise development, attracting investment and improving Nigeria’s competitiveness.
“Across banking, capital markets, insurance, pensions, fintech and professional services, the data tells a clear story: the FPS sector is central to enterprise, investment and national competitiveness.
“The task ahead is to convert this momentum into deeper inclusion, stronger institutions, better regulation and sustained economic growth,” she said.
According to the report, the Financial and Professional Services sector remained resilient despite inflationary pressures, tight monetary conditions, exchange rate adjustments and ongoing structural reforms.
It stated that the sector continued to attract investment, deepen financial intermediation, expand digital financial access and support businesses during Nigeria’s economic transition.
The report also revealed that the total assets of Deposit Money Banks rose to N180.37 trillion, equivalent to 41.8 per cent of the country’s nominal Gross Domestic Product (GDP).
It added that financial and insurance activities contributed N1.50 trillion, representing 30 per cent of total Company Income Tax collections, while generating an additional N421 billion in Value Added Tax revenue.
According to the report, the Nigerian capital market also posted strong performance, with the Nigerian Exchange All-Share Index appreciating by 51.19 per cent in 2025 before recording further gains in the first quarter of 2026.
It stated that market capitalisation increased by 58.3 per cent to N99.38 trillion and reached N129.21 trillion by the first quarter of 2026, while total market transactions more than doubled to N11.92 trillion.
The report also noted that insurance Gross Premiums Written rose by 47.3 per cent to N2.30 trillion, while insurance sector assets increased by 24.2 per cent to N4.79 trillion.
It further revealed that pension assets grew by 21.9 per cent to N27.45 trillion before rising to N29.52 trillion in the first quarter of 2026.
According to the report, Nigeria retained its position as Africa’s leading fintech hub, with more than 500 fintech companies valued at over 10.6 billion dollars, while electronic payment transactions reached N384 trillion across 4.12 billion transactions by July 2025.
EnterpriseNGR said the report also highlighted challenges requiring urgent attention, including low financial inclusion, limited insurance penetration, shallow capital market liquidity, inadequate pension coverage within the informal sector, skills shortages, governance concerns and the need for greater innovation across the FPS ecosystem.
It said the publication was intended to support corporate strategy, policy formulation, investment planning and long-term decision-making by business leaders, regulators, researchers and development partners.