With most Nigerians highly attached to transacting business with conventional banks and providing leverage for their viability and resilience, records have shown that the country’s noninterest financial sector is equally pulling its weight with elaborate growth indicators.
According to the State of Enterprise (SOE) 2025 report, the sector recorded an estimated 55.07 per cent growth in size from N2.5 trillion in 2023 to N4.4 trillion in 2024.
The details also showed that the value of the bond aspect of the finance model, Sukuk, peaked at N992.56 billion while that of the non-interest banking unit was N2.18 trillion. In the same vein, the performance of the NGX Lotus Index also witnessed a 50.6 per cent growth from 4,619.73 in 2023 to 6,955.89 in 2024.
The breakdown also showed that the Sharia-compliant mutual funds moved from 13 to 15, while the Net Asset Value grew by 13.6 per cent from N46.1 billion to N52.35 billion. The sector sustained resilience among subscribers as the number of unit holders increased from 27,716 to 29, 571.
Presenting the report yesterday in Lagos, the Managing Director of EnterpriseNGR, Mrs Obi Ibekwe, who was on ground with her team, said the State of Enterprise (SOE) 2025 report offered a deep dive into Nigeria’s Financial and Professional Services (FPS) sector, covering nine sub-sectors:
Banking, Insurance, Capital Markets, Asset Management, Pensions, Non-interest Finance, FinTech, Professional Services, and Sustainable Finance.
The report evaluates each subsector’s performance and its impact on lives, businesses, and the nation. It also provides practical recommendations to address key challenges and promote a sustainable future. According to the overview, “in 2024, Nigeria demonstrated resilience amid inflation, currency volatility, and fiscal pressures.
Financial institutions increased their contribution to the economy—rising to N6 for every N100 of national output, up from N5 the previous year—reflecting the sector’s growing influence. FinTech and digital banking made significant strides, expanding access to financial services and advancing financial inclusion.”
