Banks, insurers, others record 8.5% growth in GDP to N1.93trn

Financial institutions, including banks and insurance firms, recorded an 8.5% growth in real GDP, reaching N1.93 trillion in Q1 2026, up from N1.78 trillion in Q1 2025. The financial institutions sub-sector contributed N1.75 trillion, while the insurance sector saw a 9.9% increase to N180.95 billion. The sector's contribution to nominal GDP also rose to 3.83% in Q1 2026.