₦airaland Forum

Financial institutions, including banks and insurance firms, recorded an 8.5 per cent growth in real Gross Domestic Product (GDP), contributing N1.93 trillion in the first quarter of 2026, compared to N1.78 trillion posted in the corresponding period of 2025.

This was revealed in the latest Q1 2026 GDP report released by the National Bureau of Statistics (NBS).

According to the report, the financial institutions sub-sector remained the largest contributor within the Finance and Insurance sector, accounting for N1.75 trillion in Q1 2026, up from N1.61 trillion in Q1 2025. The growth of about 8.4 per cent reflects sustained expansion in banking operations, credit financing, and other financial intermediation activities.

The insurance sub-sector also maintained positive growth momentum, rising to N180.95 billion during the quarter from N164.58 billion recorded a year earlier. This represents an increase of approximately 9.9 per cent, driven by improved premium generation, stronger underwriting activities, and increased market penetration.

The NBS noted that the Finance and Insurance sector consists of two major components — Financial Institutions and Insurance. Financial institutions accounted for 90.62 per cent of the sector in real terms, while insurance contributed 9.38 per cent in Q1 2026.

The report further stated that the sector grew by 46.91 per cent in nominal terms on a year-on-year basis. Financial institutions recorded 46.71 per cent growth, while the insurance segment posted a higher growth rate of 48.80 per cent.

According to the bureau, the overall nominal growth rate was 25.89 percentage points higher than the level recorded in Q1 2025 and 20.33 percentage points above the preceding quarter.

Quarter-on-quarter, the sector expanded by 18.86 per cent in nominal terms. Its contribution to nominal GDP stood at 3.83 per cent in Q1 2026, higher than the 3.07 per cent recorded in the same period last year and above the 2.91 per cent posted in the previous quarter.

In real terms, the Finance and Insurance sector recorded an 8.54 per cent growth rate, though this was 6.49 percentage points lower than the figure reported in Q1 2025. However, it was slightly higher by 0.24 percentage points compared to the preceding quarter.

On a quarter-on-quarter basis, real growth stood at 17.77 per cent, while the sector’s contribution to real GDP increased to 3.76 per cent, compared to 3.60 per cent in Q1 2025 and 2.56 per cent in Q4 2025.

Meanwhile, Nigeria’s overall GDP growth slowed to 3.8 per cent in the first quarter of 2026, highlighting ongoing economic pressures despite the strong performance recorded in the banking and insurance industries.

Covid19lockdown:
Nigerians congratulations. Una go suffer if allowed APC return for 2nd term. All the warnings are being given now but some people are tribalizing it. I pity Nigerians still in Nigeria.

nairalanda1:
The thing is, if we vote for a new party, and I know we should, nigeria is bad, things won't change.

The problem is, most of you vote on the basis of 'it is my tribe or religion's turn'. ...yes, whatever party you are in

That is why development is far from you Nigerians. And why Obi, who should be the next president, won't change things, because the first demand from his supporters would be that it is time to chop.

Same issue, be it civilian or millitary rule.

Please, vote out APC, I no want tinubu, never voted for him, but until you guys are ready to change, nothing will change under the new guys...

nairalanda1:
The thing is, if we vote for a new party, and I know we should, nigeria is bad, things won't change.

The problem is, most of you vote on the basis of 'it is my tribe or religion's turn'. ...yes, whatever party you are in

That is why development is far from you Nigerians. And why Obi, who should be the next president, won't change things, because the first demand from his supporters would be that it is time to chop.

Same issue, be it civilian or millitary rule.

Please, vote out APC, I no want tinubu, never voted for him, but until you guys are ready to change, nothing will change under the new guys...

nairalanda1:
The thing is, if we vote for a new party, and I know we should, nigeria is bad, things won't change.

The problem is, most of you vote on the basis of 'it is my tribe or religion's turn'. ...yes, whatever party you are in

That is why development is far from you Nigerians. And why Obi, who should be the next president, won't change things, because the first demand from his supporters would be that it is time to chop.

Same issue, be it civilian or millitary rule.

Please, vote out APC, I no want tinubu, never voted for him, but until you guys are ready to change, nothing will change under the new guys...

MyExpression:
They don't pay out for losses, that's why they are growing every quarter.

When you file for Claim, they must find one loophole that will cause a default.

Even lawyers advice not to do extra insurance on some assets, except you have money to pursue case.

Insurance is not working in Nigeria.

DLifeless1:
So you are in their minds to know Obi supporters want to chop?
You APC people have a way of betraying that nasty bile in you.
When Obi was in Anambra, how people forced him to let them chop end how many fought him when he refused.

You people think everyone is as corrupt as you guys are.

TheStoriesOfMan:
Oga leave this talk. The leaders, aren't they citizens? The citizens, aren't they Nigerians? The leaders are who their citizens are. If there are good leaders with iron fists, every citizen will fall in line. If any citizen misbehaves and they are used as scapegoats, everybody will do the right thing, no out of fear but out of moral obligation.

Tenses:
Shut up this man.

You go about talking about PO. You are a tinubu support. Own up to it.

Be proud of your tinubu.

Who go chop for PO government? Someone that works to the letter. So strict like stone, sotey them call am okwute.

Nobody is chopping in PO government unless you are enterprising.

TheStoriesOfMan:
That's is why as a person subscribing to insurance policies do not put in more than what you can afford. Also, as insurance policies exploit loopholes, the insured is also advice to search for loopholes too.

Insurance of 20 years ago is not the same now. Plenty things don change for the good.

nairalanda1:
If you like, call me tinubu supporter if it makes you feel happy, especially since I have just labelled the man a typical coruupt nigerian politican, and labelled his supporters chop people

Yes, I don';t care. You Nigerians, tinubu, obi etc, na chop you want.

If you like abuse me, I no dey vote tinubu, but I no dey believe any story of 'we go change things' Nigerians need to think about developement, not chopping.

Especially you

Cry harder!

nairalanda1:
Yeah, so why are you angry with me?

I know Nigerians. Na chop first, answer questions later. That's why things no dey change for this country, and will never change.

Tenses:
I am a hardworking Nigerian. I have no affiliate with PO. I have never see the man physically before in my life.

"PO no dey give shishi" no by guy name, nah fact.

We need a prudent man to steer the affair of this country and that man is PO.

So my man support your tinubu with your chest. No dey come corner corner.

You don't what is country to be good so that you would stay relevant to those gullible enough to listen to your nonsense.

TheStoriesOfMan:
I have every right to be angry at everyone not sympathetic with the current situation of this country.

Why are you talking about Obi? Obi is not the only candidate contesting, is it? Leave Obi one side, he's not the person in sit. First thing first. Talk about good governance without mentioning Obi. You are fond of doing this, and I once called you an agent but you gave sloppy reasons why you are not.

If you are a true democrat, talk about the way forward and excuse Obi out of the conversation.

Covid19lockdown:
Nigerians congratulations. Una go suffer if allowed APC return for 2nd term. All the warnings are being given now but some people are tribalizing it. I pity Nigerians still in Nigeria.

TheStoriesOfMan:
I have every right to be angry at everyone not sympathetic with the current situation of this country.

Why are you talking about Obi? Obi is not the only candidate contesting, is it? Leave Obi one side, he's not the person in sit. First thing first. Talk about good governance without mentioning Obi. You are fond of doing this, and I once called you an agent but you gave sloppy reasons why you are not.

If you are a true democrat, talk about the way forward and excuse Obi out of the conversation.

MyExpression:
We did an outsourced comprehensive vehicle insurance outside of the normal MoT licensing requirements.
When our company bus was burnt during protest, they claimed there's a separate cover for accidental damages and Riot related damages.

Those guys are thieves.
What's comprehensive in the cover, if it doesn't cover riot damages?!
Why didn't the company disclose it to us initially, and they spent months trying to get us to buy their policy, yet they left this out in all their visits.

Tenses:
I am a hardworking Nigerian. I have no affiliate with PO. I have never see the man physically before in my life.

"PO no dey give shishi" no be guy name, nah fact.

We need a prudent man to steer the affair of this country and that man is PO.

So my man support your tinubu with your chest. No dey come corner corner.

You don't want this country to be good so that you would stay relevant to those gullible enough to listen to your nonsense.

nairalanda1:
Yeah, yeah, OBi na prudent man, gej wore no shoes, obasanjo fought for democracy, tinubu built Lagos, Buhari will fight corruptiuon, etc...no be the same format we dey hear before. Even Atiku is coming with 'I have experience'

Even if Obi is prudent, 90% of the people voting for him, from all tribes in this country, are voting for their pocket, not for development. Likewise most of the people surrounding him same thing. That is why he will be unable to take sane decisions needed for this country.

(Tinubu is like most nigerians, so yeah, after all he campaigned on emilokan. Hearing that ..you know that there would be no change).

Above is why most African countries are underdeveloped. Most of you want free money, and things to be made cheap, you don't want acutal industrialization, actual fighting of corruption, because it would hurt a lot of people, and actual serious fiscal controls. Na cheap food, cheap house etc. And it is this desire for cheap things that is weakening our economy, and ironically making things harder.

Mattswaggz:
He is right to some extent and maybe you lack critical thinking ability that's why you can't see it......Nigeria as a society is built to even fight/refuse/resist good.....of course Obi could be the right leader but the right leader leading the wrong people or being surrounded by the wrong people will only bring little or no difference that's why the Nigeria of your dreams is still far away..... difference will be felt when Obi gets there but it could not be as much as you're seeing it in your imaginations.

Have you tried not being corrupt in your work place or try to being upright in the midst of average Nigerians, the very same people attacking the leaders will frustrate your life and fight against you.....for Nigeria to be as great as you want it to you have to realize that the change must start and be well felt and deep rooted in the grassroots....while the leaders are in a position to make more impactful and significant change the people must be willing.... you can force a horse to the river but you can't force it to drink the water.