| By: Francis Onyemachi
Nigeria has maintained its position as Africa’s leading fintech ecosystem, with the combined valuation of its fintech companies now exceeding $10.6 billion across more than 500 firms.
The figures are contained in the State of Enterprise Report 2026 released by EnterpriseNGR, which reveals the performance of Nigeria’s financial and professional services sector and strengthens the country’s leadership in digital financial innovation across Africa.
According to the report, total assets held by deposit money banks rose to ₦180.37 trillion, while the Nigerian Exchange (NGX) All-Share Index recorded its strongest annual performance since 2007, gaining more than 50 per cent.
The report also showed that the banking sector accounted for 72.8 per cent of Nigeria’s total capital inflows in the first quarter of 2026, underscoring its significant role in supporting economic growth.
Commenting on the report, Obi Ibekwe, chief executive officer of EnterpriseNGR, said the publication reflects the organisation’s commitment to promoting evidence-based decision-making and supporting Nigeria’s economic transformation.
“The State of Enterprise Report 2026 comes at a critical time for businesses, institutions and policymakers. In today’s environment, decisions cannot be based on assumptions alone. Leaders require credible data, sound analysis and forward-looking insight to navigate uncertainty, identify opportunities and make informed decisions with confidence,” she said.
Ibekwe added that the financial and professional services sector remains one of the country’s strongest drivers of enterprise, investment and economic development.
“This report demonstrates not only the sector’s resilience but also the opportunities that exist to unlock greater productivity, attract capital, strengthen institutions and accelerate sustainable growth through purposeful policy implementation and private sector collaboration,” she said.
Further findings showed that the insurance and pension industries also recorded strong growth. Gross Premiums Written increased by 47.3% to ₦2.30 trillion, while pension assets grew by 21.9% to ₦27.45 trillion.
The report also highlighted the financial sector’s growing contribution to government revenue.
According to the findings, the Financial and Insurance sector contributed ₦1.50 trillion in Company Income Tax (CIT), accounting for 30% of total collections and making it the largest contributor to corporate tax revenue.
EnterpriseNGR said the report is intended to provide business leaders, investors, regulators, policymakers, researchers and development partners with comprehensive analysis based on official data, market intelligence and sector research.
Beyond assessing current performance, the report identifies growth opportunities across banking, fintech, insurance, pensions, capital markets, asset management, non-interest finance, sustainable finance and professional services.
Despite a challenging macroeconomic environment affected by inflation, exchange rate adjustments and evolving global economic conditions, the report noted the financial and professional services sector was an important driver of investment mobilisation, national competitiveness and Nigeria’s broader economic transformation.
The report recommended sustained structural reforms to strengthen investor confidence, deepen financial inclusion, improve market efficiency and reinforce Nigeria’s position as a leading regional financial hub.
