Summary
Banks in Nigeria industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value 2019-24, and forecast to 2029). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.
Key Highlights
- Banking industry involves the activities of banks and similar institutions that offer financial services such as savings, loans, mortgages, and related services to businesses and consumers. Market value represents the total assets held by banks or related institutions in a country in a year. The market share represents the total asset held by the companies in the specific year. Geographical segmentation measures the total assets held by commercial banks of a particular region.
- The Nigerian banking industry recorded assets of $293.5 billion in 2024, representing a compound annual growth rate (CAGR) of 0.9% between 2019 and 2024.
- The bank credit segment accounted for the industry's largest proportion in 2024, with total assets of $89.8 billion, equivalent to 30.6% of the industry's overall value.
- The Nigerian banking industry appeared to contract in 2024 when measured in US dollar terms, primarily due to the depreciation of the Nigerian naira against the dollar, which offset the industry’s actual growth in local currency terms.
Scope
- Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the banks market in Nigeria
- Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the banks market in Nigeria
- Leading company profiles reveal details of key banks market players’ global operations and financial performance
- Add weight to presentations and pitches by understanding the future growth prospects of the Nigeria banks market with five year forecasts
Reasons to Buy
- What was the size of the Nigeria banks market by value in 2024?
- What will be the size of the Nigeria banks market in 2029?
- What factors are affecting the strength of competition in the Nigeria banks market?
- How has the market performed over the last five years?
- Who are the top competitors in Nigeria's banks market?
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Table of Contents
1 Executive Summary
1.1. Market value
1.2. Market value forecast
1.3. Category segmentation
1.4. Geography segmentation
1.5. Market share
1.6. Market rivalry
1.7. Competitive landscape
2 Market Overview
2.1. Market definition
2.2. Market analysis
3 Market Data
3.1. Market value
4 Market Segmentation
4.1. Category segmentation
4.2. Geography segmentation
5 Market Outlook
5.1. Market value forecast
6 Five Forces Analysis
6.1. Summary
6.2. Buyer power
6.3. Supplier power
6.4. New entrants
6.5. Threat of substitutes
6.6. Degree of rivalry
7 Competitive Landscape
7.1. Market share
7.2. Who are the leading players?
7.3. What are the strategies of the leading players?
7.4. What have been the recent M&A activities?
8 Company Profiles
8.1. Access Bank Plc
8.2. United Bank for Africa Plc
8.3. FBN Holdings Plc
8.4. Zenith Bank Plc
9 Macroeconomic Indicators
9.1. Country data
10 Appendix
10.1. Methodology
10.2. Industry associations
10.3. Related MarketLine research
10.4. About MarketLine
List of Tables
Table 1: Nigeria banks industry value: $ billion, 2019-24
Table 2: Nigeria banks industry category segmentation: % share, by value, 2019-24
Table 3: Nigeria banks industry category segmentation: $ billion, 2019-24
Table 4: Nigeria banks industry geography segmentation: $ billion, 2024
Table 5: Nigeria banks industry value forecast: $ billion, 2024-29
Table 6: Nigeria banks industry share: % share, by value, 2024
Table 7: Access Bank Plc: Key Facts
Table 8: Access Bank Plc: Key Employees
Table 9: United Bank for Africa Plc: Key Facts
Table 10: United Bank for Africa Plc: Annual Financial Ratios
Table 11: United Bank for Africa Plc: Key Employees
Table 12: United Bank for Africa Plc: Key Employees Continued
Table 13: FBN Holdings Plc: Key Facts
Table 14: FBN Holdings Plc: Annual Financial Ratios
Table 15: FBN Holdings Plc: Key Employees
Table 16: Zenith Bank Plc: Key Facts
Table 17: Zenith Bank Plc: Annual Financial Ratios
Table 18: Zenith Bank Plc: Key Employees
Table 19: Nigeria Size of Population (Million), 2020-24
Table 20: Nigeria Real GDP (Constant 2010 Prices, $ Billion), 2020-24
Table 21: Nigeria GDP (Current Prices, $ Billion), 2020-24
Table 22: Nigeria Inflation, 2020-24
Table 23: Nigeria Consumer Price Index (Absolute), 2020-24
Table 24: Nigeria Exchange Rate, 2019-24
List of Figures
Figure 1: Nigeria banks industry value: $ billion, 2019-24
Figure 2: Nigeria banks industry category segmentation: $ billion, 2019-24
Figure 3: Nigeria banks industry geography segmentation: % share, by value, 2024
Figure 4: Nigeria banks industry value forecast: $ billion, 2024-29
Figure 5: Forces driving competition in the banks industry in Nigeria, 2024
Figure 6: Drivers of buyer power in the banks industry in Nigeria, 2024
Figure 7: Drivers of supplier power in the banks industry in Nigeria, 2024
Figure 8: Factors influencing the likelihood of new entrants in the banks industry in Nigeria, 2024
Figure 9: Factors influencing the threat of substitutes in the banks industry in Nigeria, 2024
Figure 10: Drivers of degree of rivalry in the banks industry in Nigeria, 2024
Figure 11: Nigeria banks industry share: % share, by value, 2024
