Nigeria’s Economy Accelerates, Targets $1 Trillion GDP by 2030 — Finance Ministry

 

By Abel Chigozie 

Nigeria’s economy recorded stronger growth in the second quarter of 2026, with real Gross Domestic Product (GDP) expanding by 4.43 per cent year-on-year, according to the Federal Ministry of Finance.

The ministry disclosed this in a statement issued on Tuesday, September 1, 2026, describing the latest GDP figures as evidence of sustained economic recovery and increasing activity across key sectors.

The Q2 2026 growth rate represents an improvement from the 4.23 per cent recorded in Q2 2025 and the 3.89 per cent achieved in the first quarter of 2026.

According to the ministry, the latest performance pushed Nigeria’s real GDP growth for the first half of 2026 to 4.16 per cent, compared with 3.68 per cent during the corresponding period of 2025.

The ministry said the growth was also becoming more broad-based, noting that 27 economic subsectors recorded real growth of above three per cent in the second quarter, compared with 23 subsectors in the same period of 2025.

Manufacturing, Agriculture, Services Drive Growth

The productive sectors recorded notable improvements during the period under review.

Manufacturing expanded by 3.24 per cent, more than double the 1.60 per cent recorded in Q2 2025.

Agriculture also recorded stronger growth, expanding by 4.39 per cent, compared with 2.82 per cent in the corresponding period of 2025.

The services sector, which remains the largest contributor to economic activity, grew by 4.60 per cent, up from 3.94 per cent in Q2 2025.

The Finance Ministry attributed the performance to improving economic conditions and said the figures indicated that Nigeria’s expansion was increasingly extending beyond a limited number of sectors.

Naira Appreciation Boosts Dollar GDP

The ministry also highlighted the impact of the relative stability and appreciation of the naira on the size of Nigeria’s economy when measured in US dollars.

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

The ministry said sustained economic growth, combined with government social programmes, could strengthen dollar incomes, improve purchasing power and contribute to reducing poverty.

Nigeria Targets $1tn Economy

The Federal Government said the latest economic performance places Nigeria in a stronger position to consolidate its status among Africa’s largest economies and move towards its target of achieving a $1 trillion economy by 2030.

The ministry also cited an International Monetary Fund projection ranking Nigeria among the top 10 contributors to global real GDP growth in 2026, with the country expected to account for approximately 1.5 per cent of global growth this year.

It further projected that continued macroeconomic stability, stronger productive-sector performance and improved investor confidence could position Nigeria to become Africa’s largest economy by 2028.

The ministry, however, stressed the need for policy consistency and continued implementation of economic reforms to sustain the momentum.

“These results underscore the importance of sustaining our reforms and ensuring policy consistency as their benefits begin to reach households across the country,” the ministry said.

It added that the Federal Government remained focused on accelerating inclusive economic growth and translating macroeconomic improvements into tangible benefits and shared prosperity for Nigerians.