The total assets base of Nigeria’s six biggest and main tier 1 banks expanded by about N20.1 trillion in the first nine months of this year to cross the N200 trillion mark, underlining a major expansion in the banking industry.
Official data on the state of the banking industry yesterday showed that total assets of the nation’s six largest banks increased from N186.83 trillion in December 2024 to N206.90 trillion by the end of third quarter 2025. This represented an increase of 10.7 per cent of N20.07 trillion.
The six banks are: United Bank for Africa (UBA) Plc, Guaranty Trust Holding Company (GTCO), Zenith Bank, Access Holdings, Ecobank Transnational Incorporated (ETI) and First HoldCo Plc.
The six banks control more than three-quarters of the country’s banking industry assets and are regarded as strategically important to stability of the nation’s financial services sector and the economy. They are euphemistically referred to as “first tier”, “too big to fail” banks, which underscore their strategic importance to the economy.
The data, verified by the Central Bank of Nigeria (CBN), indicated that all the banks recorded considerable increase in assets, with the exception of First HoldCo, which suffered a marginal contraction.
The increase in total assets reflected substantial improvements in customers’ deposits across the banks, with total customers’ deposits for the six main banks rising by 17 per cent from N124.81 trillion in December 2024 to N146.01 trillion in September 2025. This represented a nominal increase of about N21.2 trillion.
Experts said the increase in the nation’s banking balance sheet was a good development for the economy and reflective of the intrinsic improvement in the overall economic outlook.
Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf said the banks’ balance sheet has correlation with the overall economic outlook.
He said: “This is perhaps an indication of the progressive recovery of the economy, because one of the ways in which we know that economic activities are gaining increasing momentum is through their financial transactions. So it’s a reflection of the fact that the economy is recovering, financial and economic activities are increasing, which is reflecting in the financial transactions, which is also reflecting in the total assets of the banks.
“Secondly, it’s also a reflection of the fact that government revenues are also increasing, because these revenues are also largely within the banking system, and all the transactions, procurements and all of that also go through the banking system.
“So, generally the portfolios across practically all asset classes have increased significantly, and that is what is reflecting in the total assets of the banks. So it’s something positive, it’s a very good indicator of economic activities and economic recovery”.
He however noted the need for a more active synergy between the banking sector and the real sector of the economy.
