Nigeria has one of the most developed financial systems in Sub-Saharan Africa, with hundreds of institutions providing a vast array of services to meet the needs of the teeming population. The operators in the Financial markets include Deposit Money banks, Discount houses, Insurance companies, Stock-broking firms and Development Finance institutions, Others are Primary Mortgage institutions, Micro-finance banks, Bureaux de change, Pension Fund administrators and Pensions Fund custodians.
The Banker Magazine of London July 2015, listed nine (9) Nigerian Banks among thetop 1000 global banks, five (5) of which - Zenith Bank, Ecobank, First Bank,GTBank and Access Banks - were among the best top twenty-five (25) Banks with Zenith Bank making the 6th in Africa.
The 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.
The thrust of the financial services sector has been to mobilize fund to support investment.
- To provide a stable framework for the economic development of Nigeria, through effective, efficient, and transparent implementation of monetary and exchange rate policy, and management of the financial sector.
- To maintain a diversified, stronger and more reliable financial sector that would propel economic growth and industrial development of the country.
- To ensure that the Financial Sector mobilize finances for the growth of the real sector of the nation’s economy.
- To serve as the Financial Center for African transactions.
- Deposit Money Banks
- Microfinance Banks
- Islamic Banking
- Primary Mortgage Banks
- Capital Market Operators
- Insurance Companies
- Finance Companies
- Bureaux de Change
- Investment Banks
- Investment companies
- Venture capital Market
- The Executive Secretary/CEO,
Nigerian Investment Promotion Commission (NIPC)
Plot 1181 AguiyiIronsi Street
Maitama District, Abuja, Nigeria
Telephone: +234 (09) 2904882
- The Governor
Central Bank of Nigeria
Plot 33, AbubakarTafawaBalewa Way
Central Business District
Telephone: +234 (09) 462 39701-02
- The Commissioner for Insurance
National Insurance Commission (NAICOM)
Plot 1239, LadokeAkintola Boulevard,
Garki II, PMB 457 Garki,
- The Director General
Securities and Exchange Commission
Plot 272, Samuel AdesujoAdemulegun Street
Central Business District, Abuja
Phone: +234-9-6330000, +234-9-6330399