Nigeria’s finance and insurance sector grew by 9.29 percent in real terms during the second quarter of 2026, significantly outpacing the 4.43 percent growth of the broader economy. According to the National Bureau of Statistics, this growth is largely driven by financial institutions, which account for over 87 percent of the sector. While banking sector recapitalization has improved institutional stability, capital adequacy, and investor confidence, Monetary Policy Committee members note that credit intermediation to key productive sectors remains suboptimal. The sector’s faster expansion continues to occur within a broader economic shift toward services as industrial output growth slows.