NBS says Nigerian sectors recorded growth rate of 23.23%

The Nigerian financial sector, which includes finance and insurance sectors recorded a growth rate of 23.23% in the third quarter of 2021.

This is according to GDP report released by the National Bureau of Statistics (NBS) on Thursday.

The Financial sector, which is classified as financial institutions and insurance, comprises of finance and insurance sector with respective 90.53% and 9.47% contribution to the overall sector in the period under review.

According to NBS, the  growth recorded in the sector is higher by 20.02% points from the rate recorded during the same period in 2020 and up by 25.71% points from the rate recorded in the previous quarter.

It added that the  contribution of finance and insurance to real GDP totaled 3.16%, which is higher than the contribution of 2.67% recorded in the third quarter of 2020 by 0.49% points, but lower than 3.72% recorded in Q2 2021 by 0.56% points.