Nigeria's finance sector expands, non‑interest assets hit N5.77 trillion

Nigeria’s non‑interest finance industry closed 2025 at N5.77 trillion, comprising four banks, five takaful operators and twenty Shariah‑compliant funds. Non‑interest banking assets totaled N3.78 trillion, representing 65.5% of industry assets, while sovereign sukuk accounted for N1.19 trillion, about 74% of the non‑interest capital market. Growth is concentrated; only three of the 36 states have issued sukuk since 2013. Future expansion will depend on corporate sukuk issuance, broader state participation, a NAICOM takaful roadmap and clearer deployment of facilities such as the N100 billion Lotus Bank fund.

Financial inclusion in Nigeria has also improved markedly, rising from 36% in 2010 to 64% in 2023, with digital payments access increasing from 22% to 52% over the same period. The same regions and demographics that face financial exclusion—particularly the North‑West and North‑East, women and rural populations—also experience the greatest health disparities. Under‑five mortality stands at 102 per 1,000, maternal mortality at 500 per 100,000, and malaria prevalence at 15%, representing 27% of the global burden. Analysts suggest that lessons from the country’s financial inclusion success could be leveraged to address these health equity challenges.