section_path: Economy/Financial institutions
section_name: Financial institutions
paragraph_text: Financial institutions
  
  Lagos is a major financial and banking centre. The four largest banks in West and Central Africa are headquartered in Lagos, and another nine banks in Lagos are among the 20 largest banks in the region. Zenith Bank, Access Bank, Guaranty Trust Bank and First Bank have capital of more than US$2 billion each. Banking headquarters are located on Victoria Island and Lagos Island.
  
  The insurance industry in Nigeria is comparatively and modestly developed, with an industry turnover of around US$1 billion per year. As with the banks, the headquarters of the insurance companies are predominantly located in Lagos.