The contribution of banks, insurance, and other financial institutions to Nigeria’s economy fell by 15% in the third quarter of 2025 (Q3’25), dropping to ₦1.512 trillion from ₦1.778 trillion in the first quarter (Q1’25). This marked the second consecutive quarterly decline in the sector’s share of GDP.

Quarterly Breakdown

• Q1’25: ₦1.778 trillion
• Q2’25: ₦1.651 trillion (7.1% QoQ decline)
• Q3’25: ₦1.512 trillion (8.4% QoQ decline)

Year-on-Year Growth

Despite the quarterly declines, the sector showed steady YoY growth:

• Q1’25: 15% YoY growth (₦1.778 trillion vs ₦1.546 trillion in Q1’24)
• Q2’25: 16.1% YoY growth (₦1.651 trillion vs ₦1.421 trillion in Q2’24)
• Q3’25: 19.6% YoY growth (₦1.512 trillion vs ₦1.264 trillion in Q3’24)

Nine-Month Performance (Jan–Sep 2025)

• Total contribution: ₦4.94 trillion, up 16.8% YoY from ₦4.23 trillion in 9M’24
• Share of Finance and Insurance in total GDP: 3.0% (up from 2.7% in 9M’24)

Summary: The sector continues to show strong YoY growth, but its quarterly contributions are declining, highlighting short-term fluctuations amid a generally positive annual trend.