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Nigeria’s financial service sector contributed N3.8 trillion to Nigeria’s Gross Domestic Product (GDP) in 2023, an increase of 26.5% from N3. 01 trillion in 2022. This data was revealed by the National Bureau of Statistics (NBS).
Nigeria’s financial service sector contributed N3.8 trillion to Nigeria’s Gross Domestic Product (GDP) in 2023, an increase of 26.5% from N3. 01 trillion in 2022. This data was revealed by the National Bureau of Statistics (NBS).
The contribution was made by top financial service providers like the United Bank for Africa (UBA) Plc, Nigeria’s biggest bank which has been in existence for 75 years since its inception in 1949. The bank has evolved into a global financial institution with a presence in 20 African countries and 4 centers in New York, London, Paris, and Dubai. Nigeria’s financial institution has grown to be a global brand with about 45 million customers and supports the growth of SMEs in countries where it has a presence.
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The growth in the sector is on account of various measures taken by the government to revive the ailing economy despite the current hardship. These measures include the controversial removal of petrol subsidy and floating of the naira which has led to the currency consistently losing value against the dollar, thereby triggering inflation.
