Nigeria vs Sub-Saharan Africa: Insurance and financial services
Insurance and financial services over time
- Nigeria
- Sub-Saharan Africa
How they compare
Nigeria currently reports 25.3% against 11.5% in Sub-Saharan Africa, a difference of 13.8%.
That makes Nigeria's figure about 2.2 times Sub-Saharan Africa's.
The two have swapped places 3 times across 47 shared years of data; in 1978 it was Sub-Saharan Africa ahead.
Nigeria ranks 8th and Sub-Saharan Africa ranks 7th of 190 countries.
Across the 6 decades both report, Nigeria averaged higher in 2 and Sub-Saharan Africa in 4.
Head to head by decade
| Decade | Nigeria | Sub-Saharan Africa | Difference | Ahead |
|---|---|---|---|---|
| 1970s | 6.1% | 7.4% | 1.3% | Sub-Saharan Africa |
| 1980s | 3.3% | 6.0% | 2.7% | Sub-Saharan Africa |
| 1990s | 0.6% | 5.2% | 4.6% | Sub-Saharan Africa |
| 2000s | 0.7% | 5.0% | 4.3% | Sub-Saharan Africa |
| 2010s | 7.0% | 6.5% | 0.5% | Nigeria |
| 2020s | 26.1% | 11.9% | 14.3% | Nigeria |
Averages of every year both report within each decade.
Frequently asked questions
- Which has higher insurance and financial services, Nigeria or Sub-Saharan Africa?
- Nigeria, at 25.3% against 11.5% in Sub-Saharan Africa as of 2025.
- What is the difference in insurance and financial services between Nigeria and Sub-Saharan Africa?
- 13.8%, with Nigeria ahead.
- How many years of comparable data are there for Nigeria and Sub-Saharan Africa?
- 47 years are reported by both, from 1978 to 2024.
- How do Nigeria and Sub-Saharan Africa rank globally for insurance and financial services?
- Nigeria ranks 8th and Sub-Saharan Africa ranks 7th of 190 countries.
- Where does this data come from?
- Balance of Payments Statistics Yearbook and data files, International Monetary Fund (IMF), published as Insurance and financial services (% of commercial service exports). Statizoid refreshes it automatically from the source and publishes the full history for both places.
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About this data
Financial services covers services related to financial intermediation, financial risk management, liquidity transformation or auxiliary financial activities. It also includes insurance and pension scheme services which are services related to providing life insurance and annuities, non-life insurance, reinsurance, pensions, standardised guarantees and auxiliary services to insurance, pension schemes, and standardised guarantee schemes. This indicator is expressed as a percentage of service exports which are commercial services provided by residents to non-residents.