Nigeria’s economy grows 4.43% in Q2, government eyes $1 trillion GDP by 2030

Economy & Policy

ABUJA, Nigeria (NPA) — The Federal Government has said Nigeria’s economy is accelerating and remains on track towards its target of building a $1 trillion economy by 2030, following stronger economic growth in the second quarter of 2026.

According to a statement issued on Tuesday by the Federal Ministry of Finance, Nigeria’s real Gross Domestic Product (GDP) grew by 4.43 per cent year-on-year in the second quarter of 2026.

The figure represents an increase from the 4.23 per cent growth recorded in the corresponding period of 2025 and 3.89 per cent recorded in the first quarter of 2026.

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The ministry said the strong second-quarter performance lifted Nigeria’s real GDP growth for the first half of 2026 to 4.16 per cent, compared with 3.68 per cent recorded during the same period in 2025.

It described the performance as evidence of sustained strengthening across the economy.

“Growth is also becoming more broad-based,” the ministry said.

“In Q2 2026, 27 economic subsectors recorded real growth above 3.0 per cent, up from 23 subsectors in Q2 2025, showing that expansion is no longer concentrated in a handful of industries.”

The productive sectors recorded significant improvements during the period, with manufacturing expanding by 3.24 per cent, more than double the 1.60 per cent recorded in the second quarter of 2025.

Agriculture grew by 4.39 per cent, compared with 2.82 per cent during the corresponding period of the previous year, while the services sector, Nigeria’s largest driver of economic growth, expanded by 4.60 per cent, up from 3.94 per cent.

The ministry also attributed part of the improvement in the economy’s value in dollar terms to the relative stability and appreciation of the naira.

According to the statement, 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 Nigerian economy in U.S. dollar terms over the period.

The ministry said that if the momentum is sustained, alongside the Federal Government’s social programmes, it could strengthen dollar incomes, improve purchasing power and help 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 USD 1 trillion economy by 2030,” the ministry said.

The ministry added that the International Monetary Fund had ranked Nigeria among the top 10 contributors to global real GDP growth in 2026, projecting the country to account for about 1.5 per cent of global growth during the year.

It said continued macroeconomic stability, sustained growth across productive sectors and improving investor confidence could further accelerate Nigeria’s economic expansion.

“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.

“The Government remains focused on accelerating inclusive growth and translating these macroeconomic gains into shared prosperity for every Nigerian family.”

According to the ministry, sustained progress could also strengthen Nigeria’s ambition to become Africa’s largest economy by 2028.