Nigeria’s Economy Grows 4.43% in Q2, Eyes $1trn GDP by 2030
Nigeria’s economy expanded by 4.43 per cent in real terms in the second quarter of 2026, marking an acceleration from the 3.89 per cent growth recorded in the first quarter, the Federal Ministry of Finance has said.
The ministry disclosed this in a statement made available on Tuesday through the X handle of the Special Adviser to the President on Information and Strategy, Bayo Onanuga.
According to the statement, the Q2 2026 growth also surpassed the 4.23 per cent recorded in the corresponding quarter of 2025, indicating continued improvement in economic activity.
The latest 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 in the same period of 2025.
The ministry said the growth was becoming increasingly broad-based, with 27 economic subsectors recording real growth of more than three per cent in Q2 2026, compared with 23 subsectors in the corresponding period of 2025.
It said the productive sectors were among the major drivers of the expansion, 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, up from 2.82 per cent in the corresponding period, while the services sector, the largest contributor to economic growth, grew by 4.60 per cent compared with 3.94 per cent in Q2 2025.
The ministry further attributed part of the improvement in the economy’s dollar value to relative stability and appreciation of the naira.
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 Nigeria’s economy in US dollar terms over the period.
The ministry said sustained growth, coupled with government social programmes, could strengthen dollar incomes, improve purchasing power and help lift millions of Nigerians out of poverty.
“With this momentum, Nigeria is well positioned to consolidate its standing among Africa’s largest economies and advance towards the government’s target of a $1 trillion economy by 2030,” the ministry said.
It 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.
The ministry expressed optimism that continued macroeconomic stability, sustained growth in productive sectors and improved investor confidence could accelerate Nigeria’s emergence as Africa’s largest economy by 2028.
It, however, stressed the need for policy consistency and the sustained implementation of ongoing reforms to ensure that economic gains translate into improved living standards for Nigerians.
“The government remains focused on accelerating inclusive growth and translating these macroeconomic gains into shared prosperity for every Nigerian family,” it said.