Insurance and financial services as a percentage of service exports from the balance of payment fell 14.2% to 20.4% in Nigeria in 2021, according to the National Central Bank / OECD.
Historically, insurance and financial services as a percentage of service exports from the balance of payment in Nigeria reached an all time high of 23.8% in 2020 and an all time low of 0.113% in 2003.
Nigeria has been ranked 12th within the group of 134 countries we follow in terms of insurance and financial services as a percentage of service exports from the balance of payment, 118 places above the position seen 10 years ago.
| Insurance and Financial Services (As % of Service Exports, BoP) | Unit | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
| Algeria | % | ... | ... | ... | ... | 12.2% | 10.9% | 10.3% | 9.55% | 11.8% | ||||||||||||
| Benin | % | 4.80% | 3.74% | 3.91% | 24.8% | 11.4% | ... | |||||||||||||||
| Burkina Faso | % | ... | ... | ... | ... | 18.4% | 17.6% | 17.7% | 17.7% | 17.7% | ... | |||||||||||
| Cameroon | % | 5.30% | 5.83% | 9.56% | 9.22% | 7.83% | ||||||||||||||||
| Central African Republic | % | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... |
| Chad | % | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... | ... |
| Gabon | % | ... | 1.14% | ... | ... | ... | ... | ... | ... | |||||||||||||
| Libya | % | ... | ... | 89.6% | 41.5% | 41.5% | 41.5% | 25.9% | ... | |||||||||||||
| Mali | % | 2.05% | 3.23% | 0.992% | 0.882% | 2.57% | ... | |||||||||||||||
| Niger | % | 2.13% | 1.91% | 1.04% | 1.78% | 1.71% | ... | |||||||||||||||
| Nigeria | % | 9.39% | 8.75% | 7.18% | 15.9% | 16.3% | ||||||||||||||||
| Sudan | % | 0.725% | 0.794% | 0.437% | 0.176% | 0.249% | ||||||||||||||||
| Togo | % | 0.840% | 1.97% | 2.36% | 3.62% | 4.68% | ... |
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