The role of the Financial and Professional Services sector in the economic growth and development of any country is extremely significant. It is no coincidence that the most developed countries with the highest GDP all have very strong financial systems. Given the cross-cutting nature of FPS and its impact on all other sectors of the economy, it is a vital catalyst for economic growth and development.

FPS in Nigeria has experienced tremendous growth since the return of democracy in 1999. There has been an upsurge in financial penetration diversification in financial products available in the country. There is, however, a need to ensure balanced inclusive growth across all the sub-sectors, improved depth/sophistication of product offerings, increased penetration of all sub-sectors, and development of talent. Identifying and building on the synergies between sub-sectors can accelerate the development of the financial system and strengthen the economy as a whole. Coordinated and concerted advocacy and evidence-based policy formulation jointly by policymakers and the financial services operators needs to be put in place for this to happen. Collaboration is key!

The SOE 2022 report is EnterpriseNGR’s current-state assessment of the FPS sector and its contribution to national growth and development. The report also dissects the challenges facing the sector with the ultimate aim of jump-starting the conversations required to lead to necessary policy reforms.