Nigeria’s real Gross Domestic Product (GDP) grew by 4.43 per cent year-on-year in the second quarter of 2026, strengthening the Federal Government’s confidence that the economy is on track toward its target of a $1 trillion economy by 2030.
The Federal Ministry of Finance, in a statement issued in Abuja on Tuesday, said the latest growth figure represented an improvement from the 4.23 per cent recorded in the second quarter of 2025 and 3.89 per cent in the first quarter of 2026.
The ministry said the performance lifted real GDP growth for the first half of 2026 to 4.16 per cent, compared with 3.68 per cent recorded during the corresponding period of 2025.
The ministry described the performance as “a clear signal of sustained strengthening across the economy,” noting that growth was becoming increasingly broad-based.
It said 27 economic subsectors recorded real growth above three per cent in Q2 2026, compared with 23 subsectors in Q2 2025.
According to the ministry, “growth is also becoming more broad-based,” with the productive sectors recording notable improvements during the quarter.
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 period.
The services sector, described by the ministry as “the largest driver of growth,” expanded by 4.60 per cent, up from 3.94 per cent in Q2 2025.
The ministry also linked the improvement in the economy’s dollar value to the 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, resulting in an estimated 17 per cent expansion of the economy in US dollar terms over the period.
According to the ministry, the pace of expansion, “if sustained along with the various social programmes of the Government,” could strengthen dollar incomes, improve purchasing power and 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 further said the International Monetary Fund (IMF) had ranked Nigeria among the top 10 contributors to global real GDP growth in 2026, with the country projected to account for roughly 1.5 per cent of world growth this year.
It said continued macroeconomic stability, sustained growth across productive sectors and improving investor confidence could accelerate Nigeria’s progression toward becoming Africa’s largest economy by 2028.
The ministry, however, stressed the importance of maintaining the reform momentum and ensuring policy consistency.
“These results underscore the importance of sustaining our reforms and ensuring policy consistency as their benefits begin to reach households across the country,” it said.
The government reaffirmed that it remained focused on “accelerating inclusive growth and translating these macroeconomic gains into shared prosperity for every Nigerian family.”
The ministry said the latest economic performance demonstrated the need to sustain policies and reforms capable of supporting investment, productivity and broad-based economic expansion.