FG says Nigeria on track for $1tn economy as GDP growth hits 4.43%
President Bola Tinubu
Abdullateef Fowewe
Nigeria’s economy grew by 4.43 per cent year-on-year in the second quarter of 2026, strengthening the country’s prospects of reaching the Federal Government’s target of a $1 trillion economy by 2030, the Ministry of Finance has said.
In a statement obtained on Tuesday, the ministry said the Q2 performance represented an improvement on the 4.23 per cent growth recorded in the corresponding period of 2025 and the 3.89 per cent posted in the first quarter of 2026.
It said the latest result lifted real Gross Domestic Product growth for the first half of 2026 to 4.16 per cent, compared with 3.68 per cent in the same period last year.
“Nigeria’s economy continues to demonstrate resilience and accelerating growth,” the statement said, adding that the half-year performance was “a clear signal of sustained strengthening across the economy.”
The ministry said growth was becoming broader across sectors, with 27 economic subsectors recording real growth above 3 per cent in Q2 2026, up from 23 subsectors in the corresponding quarter of 2025.
According to the statement, the productive sectors were major drivers of the expansion, as manufacturing, agriculture and services all posted stronger growth.
Manufacturing grew by 3.24 per cent during the quarter, more than double the 1.60 per cent recorded in Q2 2025. Agriculture expanded by 4.39 per cent, up from 2.82 per cent, while the services sector grew by 4.60 per cent, compared with 3.94 per cent a year earlier.
“The productive sectors led the way,” the ministry said, noting that the improved performance reflected stronger industrial output, agricultural production, value-chain activities and services-sector expansion.
The ministry also linked the country’s growth outlook to the relative stability and appreciation of the naira, saying the currency gained more than 12 per cent between the first half of 2025 and the first half of 2026.
It said the exchange-rate movement helped expand the size of the Nigerian economy by about 17 per cent in dollar terms over the period.
“The naira appreciated by more than 12 per cent between H1 2025 and H1 2026, resulting in an expansion of the economy by approximately 17 per cent in U.S. dollar terms,” the statement said.
It added that sustaining the current pace of growth, alongside government social programmes, could strengthen dollar incomes, improve purchasing power and help lift millions of Nigerians out of poverty.
The ministry said Nigeria was now “well positioned to consolidate its standing among Africa’s largest economies” and move closer to the government’s $1 trillion economic target by 2030.
It also cited the International Monetary Fund as ranking Nigeria among the top 10 contributors to global real GDP growth in 2026, with the country projected to account for about 1.5 per cent of global growth during the year.
According to the ministry, continued macroeconomic stability, growth in productive sectors and improved investor confidence could quicken Nigeria’s path towards becoming Africa’s largest economy by 2028.
“These results underscore the importance of sustaining our reforms and ensuring policy consistency as their benefits begin to reach households across the country,” it said.
“The Government remains focused on accelerating inclusive growth and translating these macroeconomic gains into shared prosperity for every Nigerian family,” it added.
