The financial and insurance sub-sectors of Nigeria’s services sector achieved a significant growth of 30.83% in the second quarter of 2024.
According to the CBN Economic Report for the Third Quarter of 2024, the figure is compared with 28.79 and 28.21 per cent in the preceding and corresponding quarters of 2023, respectively.
The data also showed that the Services sector as a whole expanded by 5.19% in Q3 2024, up from 3.79% in Q2 2024, maintaining its position as the largest contributor to Nigeria’s Gross Domestic Product (GDP) with a share of 53.58%.
The apex bank said performance is driven by key factors such as the recapitalisation exercise, rising interest rates, as well as increased consultancy fees and ATM/transfer charges.
The ongoing digital transformation of Nigeria’s financial services, including the rise of fintech, mobile banking, and digital payment platforms, also played a crucial role.
These developments, the CBN said, helped stimulate economic activity across related sub-sectors, including the Information and Communications Technology (ICT) sector, which grew by 5.92%, contributing 0.95 percentage points to overall GDP growth.
