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

Insurance and financial services as a percentage of service imports from the balance of payment reached 9.04 % in 2016 in Nigeria, according to the National Central Bank / OECD. This is 22 % more than in the previous year.

Historically, insurance and financial services as a percentage of service imports from the balance of payment in Nigeria reached an all time high of 9.04 % in 2016 and an all time low of 0.449 % in 2005. When compared to Nigeria's main peers, insurance and financial services as a percentage of service imports from the balance of payment in Benin amounted to 2.20 %, 8.22 % in Cameroon and 1.05 % in Niger in 2016.

Nigeria has been ranked 52nd within the group of 160 countries we follow in terms of insurance and financial services as a percentage of service imports from the balance of payment, 86 places above the position seen 10 years ago.

Insurance and financial services (% of service imports, BoP) cover various types of insurance provided to residents by non-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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