Nigeria's insurance sector recorded real GDP growth of 20.78% in the third quarter of this year, up from 15.70% in the previous quarter and exceeding growth rates of below 10% seen over the last six quarters, according tothe National Bureau of Statistics (NBS).
Lagos-headquartered non-bank finance company Credit Direct, in a research note, said that this strong rebound was supported by ongoing industry recapitalisation. At current basic prices, the insurance sector’s GDP stood at NGN398.17bn ($274.4m)—down from NGN554.07bn in the second quarter but higher than 1Q2025’s NGN267.30bn.
The insurance sector exceeded its full-year 2024 GDP contribution of NGN1.18tn, reaching NGN1.22tn in the first nine months of this year.