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Insurance and Financial Services (As % of Service Exports, BoP) in Nigeria

Source: World Bank
Last Updated: Apr 1, 2021

Insurance and financial services as a percentage of service exports from the balance of payment reached 15.9 % in 2018 in Nigeria, according to the National Central Bank / OECD. This is 2.76 % less than in the previous year.

Historically, insurance and financial services as a percentage of service exports from the balance of payment in Nigeria reached an all time high of 16.3 % in 2019 and an all time low of 0.113 % in 2003. When compared to Nigeria's main peers, insurance and financial services as a percentage of service exports from the balance of payment in Benin amounted to 24.8 %, 9.22 % in Cameroon and 1.78 % in Niger in 2018.

Nigeria has been ranked 19th within the group of 153 countries we follow in terms of insurance and financial services as a percentage of service exports from the balance of payment, 106 places above the position seen 10 years ago.

Insurance and financial services cover various types of insurance provided to non-residents by resident insurance enterprises and vice versa, and financial intermediary and auxiliary services (except those of insurance enterprises and pension funds) exchanged between residents and non-residents.

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