Forecast: Insurance and Financial Services Exports in Nigeria

The export of insurance and financial services in Nigeria has seen considerable growth and fluctuations over the past decade. The value stood at 23.9 units in 2023. Starting from 2013, the year-on-year growth was sporadic, peaking at 360.88% in 2015 but experiencing declines in subsequent years, notably a -21.42% in 2017. The sector saw overall stabilization and growth from 2018 onwards, with a significant rise in 2020 by 49.41%. However, it faced minor declines in 2021 and 2022 before regaining momentum with a 15.37% increase in 2023.

Looking ahead, the forecasted Compound Annual Growth Rate (CAGR) from 2024 to 2028 shows a much slower growth rate of 0.46%, indicating a potential plateau in the sector's expansion. By 2028, the sector is expected to grow by approximately 2.31% over the five-year period.

Future trends to watch for include evolving regulatory landscapes, technological advancements in fintech, and global economic conditions which could impact Nigeria’s financial service exports. Maintaining innovation and competitive advantage will be key to fostering sustained growth.