Forecast: Share of Insurance and Financial Services in Service Imports in Nigeria

The share of insurance and financial services in service imports in Nigeria has experienced fluctuations over the past decade. From a high of 9.04 in 2016, it dipped to 3.66 in 2019 before recovering to 6.23 in 2023. In recent years, there was a more stable upward trend, with a 6.85 in 2021, followed by a slight decrease to 6.01 in 2022, and then a rebound to 6.23 in 2023.

Over the last two years, the share has averaged at around a 1.2% year-on-year increase, considering the bounce back in 2023. Looking ahead to the forecasted figures from 2024 to 2028, the 5-year Compound Annual Growth Rate (CAGR) is projected at 0.61%, with an overall growth rate of 3.06% over the five-year period.

Future Trends to Watch For:

• The advancement and adoption of digital financial services could drive further increases.
• Potential regulatory changes in Nigeria's financial sector might impact the trend.
• Global economic conditions and their influence on Nigeria’s imports will continue to be a key factor.