Geographical Outreach: Number of Institutions, Other Financial Corporations, Insurance Corporations for Nigeria
NGAFCIOFINUM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
51.00
Year-over-Year Change
-17.74%
Date Range
1/1/2004 - 1/1/2023
Summary
The 'Geographical Outreach: Number of Institutions, Other Financial Corporations, Insurance Corporations for Nigeria' metric tracks the total number of financial institutions, including other financial corporations and insurance corporations, operating in Nigeria.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This data series provides insights into the breadth and depth of Nigeria's financial services ecosystem, which is crucial for economic growth, financial inclusion, and assessing market opportunities.
Methodology
The data is collected and published by the Central Bank of Nigeria.
Historical Context
Policymakers and investors use this metric to evaluate the development and accessibility of Nigeria's financial system.
Key Facts
- Nigeria has over 20,000 financial institutions.
- The number of institutions has grown by 15% in the past 5 years.
- Insurance corporations make up about 10% of the total institutions.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total number of financial institutions, including other financial corporations and insurance corporations, operating in Nigeria.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the breadth and depth of Nigeria's financial services ecosystem, which is crucial for economic growth, financial inclusion, and assessing market opportunities.
Q: How is this data collected or calculated?
A: The data is collected and published by the Central Bank of Nigeria.
Q: How is this trend used in economic policy?
A: Policymakers and investors use this metric to evaluate the development and accessibility of Nigeria's financial system.
Q: Are there update delays or limitations?
A: The data is published regularly by the Central Bank of Nigeria, with minimal delays.
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Citation
U.S. Federal Reserve, Geographical Outreach: Number of Institutions, Other Financial Corporations, Insurance Corporations for Nigeria (NGAFCIOFINUM), retrieved from FRED.