Finance and insurance sector growth slows to 9.29% in Q2 2026 amid recapitalisation
Nigeria’s finance and insurance sector recorded real growth of 9.29% in the second quarter of 2026, down from 16.13% in the corresponding period of 2025. The post Finance and insurance sector growth slows to 9.29% in Q2 2026 amid recapitalisation appeared first on Nairametrics .
In the second quarter of 2026, Nigeria's finance and insurance sector experienced a slowdown in growth, recording a real growth rate of 9.29%, down from 16.13% in the same period of the previous year. This information is derived from the National Bureau of Statistics (NBS) latest Gross Domestic Product (GDP) report. The decline in growth can be attributed to recapitalisation exercises undertaken by the banking and insurance industries, which collectively raised over N5.3 trillion in fresh capital.
These recapitalisation programs marked the completion of a 12-month compliance window introduced by the Nigerian Insurance Industry Reform Act (NIIRA) 2025, which was signed into law by President Bola Tinubu in July 2025. Despite the significant reduction in the sector's growth rate, real growth in the finance and insurance sector improved by 0.74 percentage points from the level recorded in Q1 2026.
The sector's contribution to Nigeria's nominal GDP in Q2 2026 was 4.32%, which was lower than the 4.57% contribution in the same period of 2025.
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