…FG says growth puts country on course towards $1tn economy by 2030

Nigeria’s real Gross Domestic Product (GDP) grew by 4.43 per cent year-on-year in the second quarter of 2026, up from 4.23 per cent recorded in the corresponding quarter of 2025 and 3.89 per cent in the first quarter of 2026.

The latest growth figure raised real GDP growth for the first half of 2026 to 4.16 per cent, compared with 3.68 per cent recorded in the corresponding period of 2025.

According to the statement released by Federal Ministry of Finance on Tuesday, the growth was becoming more broad-based, with 27 economic subsectors recording real growth of more than three per cent in Q2 2026, compared with 23 subsectors in Q2 2025.

The productive sectors recorded stronger performances during the period.
Manufacturing grew by 3.24 per cent, more than double the 1.60 per cent recorded in Q2 2025, while agriculture expanded by 4.39 per cent, compared with 2.82 per cent in the corresponding quarter.

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

The government attributed part of the improvement in the economy’s dollar value to relative exchange-rate stability and the 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, resulting in an estimated 17 per cent expansion in the size of the economy in US dollar terms over the period.

The statement said the development could strengthen dollar incomes and purchasing power if sustained, while supporting efforts to reduce poverty.

It added that the latest growth figures placed Nigeria in a stronger position to consolidate its position among Africa’s largest economies and advance towards the Federal Government’s target of a $1 trillion economy by 2030.

The International Monetary Fund (IMF) was also cited as having projected Nigeria among the top 10 contributors to global real GDP growth in 2026, with the country expected to account for about 1.5 per cent of global growth during the year.

The government said continued macroeconomic stability, sustained growth across productive sectors and improved investor confidence would be critical to accelerating 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 statement said.

It added that the government remained focused on accelerating inclusive growth and translating the reported macroeconomic gains into improved living standards for Nigerians.