The State Of Enterprise 2025 Report

The State of Enterprise (SOE) 2025 report offers a deep dive into Nigeria’s Financial and Professional Services (FPS) sector, covering nine sub-sectors: Banking, Insurance, Capital Markets, Asset Management, Pensions, Non-interest Finance, FinTech, Professional Services, and Sustainable Finance. The report evaluates each sub-sector’s performance and its impact on lives, businesses, and the nation. It also provides practical recommendations to address key challenges and promote a sustainable future.

In 2024, Nigeria demonstrated resilience amid inflation, currency volatility, and fiscal pressures. Financial institutions increased their contribution to the economy—rising to ₦6 for every ₦100 of national output, up from ₦5 the previous year—reflecting the sector’s growing influence. FinTech and digital banking made significant strides, expanding access to financial services and advancing financial inclusion.

The insurance sector’s Gross Premiums Written (GPW) reached ₦1.17 trillion as of Q3 and is projected to hit ₦1.47 trillion for the full year. Both capital markets and asset management recorded strong momentum, with the debt market supporting ₦180.91 trillion in FGN securities and ₦9.47 trillion in corporate debt securities in 2024. The NGX market capitalisation surged to ₦66.26 trillion by March 28, 2025.

The pension sub-sector continues to support long-term domestic capital formation while helping employees and employers manage retirement needs. Nigeria’s non-interest finance market expanded to over ₦4.4 trillion in 2024, boosting financial access—particularly among faith-based populations. FinTech continues to shape the future of the FPS sector.

The Professional Services sub-sector continues to uphold strong ethical standards and remain essential for building a globally competitive and trusted services sector. Finally, sustainable finance is a key enabler of long-term development, offering solutions to Nigeria’s environmental, social, and economic challenges.