The Federal Government says Nigeria’s economy is gaining momentum and is on track to achieve its target of becoming a $1tn economy by 2030, following stronger growth recorded in the second quarter of 2026.
The Federal Ministry of Finance stated this in a statement issued in Abuja on Tuesday, following the latest Gross Domestic Product figures which showed that the economy grew by 4.43 per cent year-on-year in Q2 2026, up from 4.23 per cent recorded in the corresponding quarter of 2025.
The latest growth also represented an improvement over the 3.89 per cent recorded in the first quarter of 2026, pushing real GDP growth for the first half of the year to 4.16 per cent, compared with 3.68 per cent in the same period of 2025.
The ministry said the expansion was increasingly broad-based, noting that 27 economic subsectors recorded real growth of more than three per cent during the quarter, compared with 23 subsectors in Q2 2025.
It said the manufacturing, agriculture and services sectors were among the major contributors to the expansion, with manufacturing growing by 3.24 per cent from 1.60 per cent in Q2 2025.
Agriculture also recorded stronger growth, expanding by 4.39 per cent compared with 2.82 per cent in the corresponding quarter, while the services sector, which remains the largest contributor to economic activity, grew by 4.60 per cent from 3.94 per cent.
The Finance Ministry further linked the improvement in the economy’s dollar value 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 corresponding period of 2026.
According to the ministry, the naira’s appreciation contributed to an estimated 17 per cent expansion of Nigeria’s economy in US dollar terms during the period.
It said the development, if sustained alongside the Federal Government’s social intervention programmes, could strengthen dollar incomes, improve purchasing power and help lift millions of Nigerians out of poverty.
The ministry said the latest figures had strengthened the government’s confidence in achieving its $1tn economic target by 2030, while also consolidating Nigeria’s position among Africa’s largest economies.
It cited projections by the International Monetary Fund which ranked Nigeria among the 10 largest contributors to global real GDP growth in 2026, with the country expected to account for about 1.5 per cent of global growth.
The ministry added that continued macroeconomic stability, sustained expansion across 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 continued implementation of economic reforms to ensure that the improvement in macroeconomic indicators translates into tangible benefits for households.
“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 government remained focused on accelerating inclusive economic growth and translating the improving macroeconomic performance into shared prosperity for Nigerians.
