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Life insurance leads Nigeria’s insurance market with ₦276.8 billion in premiums

Life insurance dominates the market with ₦276.8 billion in gross premiums, more than any other sector.
Oil and Gas insurance follows as the second-largest segment, generating ₦188.7 billion in Q1.
Fire and Motor insurance sectors contributed ₦91.9 billion and ₦77.7 billion respectively, reflecting strong demand.
Aviation insurance recorded the least income at ₦16.6 billion, likely due to the limited scope of operations.
The top three segments (Life, Oil & Gas, and Fire) jointly account for over 75% of the total GPI in the quarter.

The Finance and Insurance sector led Nigeria's 3.2% GDP growth in the first 9 months of 2024

Nigeria’s GDP for 2024 is up by 3.2% so far, with key sectors driving the growth. In the first nine months of 2024, Finance and Insurance took the lead with a 30.3% increase, followed by Water Supply & Waste Management at 8.3%, and Mining and Quarrying with 5.7% growth. These are the sectors leading Nigeria’s real GDP growth.

Nigeria’s finance and insurance sector paid 119.6% more tax to the government in 2023

In 2023, businesses in Nigeria's finance and insurance sector paid ₦458.8 billion as taxes to the government, 119.6% more than in 2022. Those in the manufacturing sector also increased their payments and remain the top tax-paying sector in the country. Here are the top five sectors where businesses paid the most tax in 2023.