The financial sector in Nigeria is arguably advanced than any other economy in Sub-Sahara Africa with a teeming population to drive this sector the industry has by and large boomed over the years with tremendous improvement in service delivery facilitated by technology.
The 1st of January 2005 heralded a new regime in the banking industry, 25 banks (with a minimum capitalization of 25 billion naira) emerged from a consolidation and recapitalization drive through mergers and acquisition strengthening and priming the sector for potential investors. In 2015, the banker’s magazine of London listed nine Nigerian banks in the top 1000 global banks ; five (5) of which – Zenith Bank, Ecobank, First Bank, GTBank and Access Banks – were among the best top twenty
The Nigerian Banking Sub-Sector is made up of 21 Deposit Money banks, 3 Discount houses, 793 Microfinance banks, 40 Primary Mortgage banks, 20 Finance companies, 2,981Bureaux de change operators and five Development Finance institutions. The Securities sub-sector has a Stock Exchange, a Commodities Exchange, and 690 Securities Brokerage firms. The Insurance subsector has 73 licensed Insurance companies while the Pension subsector has 31 licensed Pension Fund Administrators and five Pension Fund Custodians. All these are providing an array of financial services through effective intermediation.
The Banking sub-sector represents the most vibrant and dynamic part of Nigeria’s financial system. Competition is healthy, with approximately 40% penetration and there is significant room for new investments.
Investment opportunities abound in the Nigerian financial sector:
For more information, advise and consultation bothering on immigration issues, foreign investment and participation in the financial or any other sector in Nigeria, contact:
5A Dozek Close,
Off Alternative Route,
Lekki, Lagos State, Nigeria.
TEL: +2348034869295, +2348020550410