The annual sectoral contribution of the Financial Institutions and Insurance – the subsectors of Finance and Insurance Sector in Nigeria – to its real GDP in 2020 is 3.36%.
Finance accounted for 91.40% and Insurance, 8.60% in real terms in Q4 2020.
The sector contributed to the overall nominal GDP by 2.80% in Q4 2020 a reduction of 3.12% when compared to the previous year. It is, however higher than the contribution of 2.46% it made in the preceding quarter.
For 2020, Finance and Insurance sector contributed 3.11% to aggregate nominal GDP.
In the fourth quarter of 2020, the Finance and Insurance sector in Nigeria made a contribution of 3.07% to Nigeria’s real GDP, NBS report shows.
This is lower than the contribution of 3.19% recorded in the fourth quarter of 2019 (Q4 2019) by –0.12% points but higher than 2.67% recorded in Q3 2020 by 0.40% points.
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Growth
The sector recorded a growth of –1.10% in nominal terms (year on year), with the growth rate of Financial
Institutions as 0.07% and Insurance –12.05%.
The overall rate was lower than in Q4 2019 by –24.43% points and –7.01% points than the year before.
Quarter on quarter growth was 26.88% while annual growth of this sector was 11.98% in 2020.
Growth in Finance and Insurance, in real terms, was equal to –3.63%, lower than the Q4 2019, and Q3 2020.
Quarter on quarter, real growth stood at 26.07%. Annual growth of 9.37% was recorded in 2020, compared to 2.57% in 2019.
The contribution of Finance and Insurance to real GDP stood at 3.07%, a reduction from 3.19% in the fourth quarter of 2019 by –0.12% points. It is, however, higher than 2.67% recorded in Q3 2020 by 0.40% points.
Nigerian Gross Domestic Product for 2020 was report published the National Bureau of Statistics (NBS).