May 27, 2026
By Babajide Komolafe
Financial institutions including banks and insurance firms recorded a 8.5 per cent growth in real Gross Domestic Product, GDP to N1.9 trillion in the first quarter of 2026, Q1’26 from N1.78 trillion in Q1’25.
The National Bureau of Statistics, NBS disclosed this in its GDP report for Q1’26. The report showed that the financial institutions sub-sector remained the dominant driver of activity, contributing N1.75 trillion in Q1 2026, up from N1.61 trillion in the corresponding period of 2025. This reflects an increase of about 8.4%, underscoring sustained expansion in banking operations, credit delivery, and financial intermediation.
The insurance sub-sector also recorded steady growth, rising to N180.95 billion in Q1 2026 from N164.58 billion in Q1 2025, representing an increase of approximately 9.9%. The performance signals gradual improvement in risk underwriting, premium generation, and broader market penetration.
