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In a year when many Nigerians struggled with rising food prices and uncertain reforms, the country’s banking giants did the unexpected: they raked in record profits. With a combined ₦5.1 trillion earned in 2024, even as inflation rose and cash crunches tested customers, banks like Zenith, GTCO, and UBA outperformed all forecasts. But what’s fuelling their fortune, and who truly benefits?

In 2024, Nigeria’s banking sector defied economic strain to deliver record-breaking profits, thanks to strategic bets on FX gains and investment securities.

  • Nigeria’s top banks earned over ₦5.1 trillion in 2024, a historic profit high.
  • Foreign exchange revaluation, rising interest income, and efficient operations drove earnings.
  • Zenith and GTCO each crossed ₦1 trillion in pre-tax profits despite economic headwinds.
  • Banks paid out ₦951 billion in dividends, an 87% jump from 2023.
  • The government collected ₦1.166 trillion in taxes, emerging as a top external beneficiary.

As banks thrive amidst national hardship, the gap widens between financial systems that work and everyday systems that don’t.