Nigerian banks’ assets hit N180.37trn, 41.8% GDP

Deposit Money Banks (DMBs) in Nigeria have recorded total assets of N180.37 trillion, representing 41.8 per cent of the country’s nominal Gross Domestic Product (GDP).

This is contained in the 2026 State of Enterprise Report released by EnterpriseNGR on Tuesday, July 7, 2026.

The report said the Financial and Professional Services (FPS) sector remained resilient in spite of 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).

EnterpriseNGR stated that 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.

EnterpriseNGR 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 said the total market transactions increased 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.

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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 dollars.

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

Speaking at the launch of the report, the Chief Executive Officer of EnterpriseNGR, Obi Ibekwe, said the publication remained a strategic tool designed to support evidence-based decision-making for businesses, investors and policymakers.

Ibekwe said: “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.”