Nigeria’s finance and insurance sector recorded a real growth rate of 9.29% in the second quarter of 2026, a significant decline from the 16.13% reported in the same period last year. According to the National Bureau of Statistics, the slowdown follows the conclusion of major recapitalisation drives, where banks and insurance firms raised a combined N5.3 trillion in new capital. Despite the year-on-year deceleration, the sector saw a modest quarter-on-quarter improvement of 0.74 percentage points. Financial institutions continue to drive the sector, contributing 87.22% of total output, while the insurance subsector accounted for 12.78%. The sector’s contribution to nominal GDP stood at 4.32%, down from 4.57% in Q2 2025.