GDP Growth Puts Nigeria On Path To $1trn Economy, Says FG

The Federal Government has said Nigeria’s stronger economic growth is putting the country on course to achieve its target of a $1tn economy by 2030.

The Federal Ministry of Finance stated this on Tuesday while reacting to the latest Gross Domestic Product (GDP) figures, which showed that Nigeria’s economy grew by 4.43 per cent year-on-year in the second quarter of 2026.

The Q2 growth rate was higher than the 4.23 per cent recorded in the corresponding period of 2025 and the 3.89 per cent recorded in the first quarter of 2026.

The ministry said the performance lifted real GDP growth for the first half of 2026 to 4.16 per cent, compared with 3.68 per cent in the corresponding period of 2025.

It described the figures as evidence of sustained strengthening across the economy, noting that growth was becoming increasingly broad-based.

According to the ministry, 27 economic subsectors recorded real growth of above three per cent in Q2 2026, compared with 23 subsectors in the same quarter of 2025.

It said the productive sectors recorded significant improvements, with manufacturing growing by 3.24 per cent, more than double the 1.60 per cent recorded in Q2 2025.

Agriculture also expanded by 4.39 per cent, compared with 2.82 per cent a year earlier, while the services sector grew by 4.60 per cent, up from 3.94 per cent.

The ministry further attributed the expansion of the economy in dollar terms to the relative stability and appreciation of the naira.

It said the naira appreciated by more than 12 per cent between the first halves of 2025 and 2026, resulting in an approximately 17 per cent expansion of the economy in US dollar terms over the period.

The ministry said sustained growth, alongside government social programmes, would help strengthen dollar incomes, improve purchasing power and lift millions of Nigerians out of poverty.

“Given this momentum, Nigeria is well positioned to consolidate its standing among Africa’s largest economies and to advance toward the Government’s target of a $1tn economy by 2030,” it said.

The ministry also cited an International Monetary Fund projection which ranked Nigeria among the top 10 contributors to global real GDP growth in 2026.

It said the IMF projected Nigeria to account for roughly 1.5 per cent of global growth this year, placing the country ahead of several advanced and emerging economies.

The ministry further projected that continued macroeconomic stability, sustained growth across productive sectors and improving investor confidence could accelerate Nigeria’s emergence as Africa’s largest economy by 2028.

It, however, stressed the need to sustain the ongoing economic reforms and ensure policy consistency as the benefits of the reforms increasingly reach households and businesses.

The ministry said the government remained focused on accelerating inclusive growth and translating the improvement in key macroeconomic indicators into shared prosperity for Nigerians.