Nigeria’s Economy Grows 4.43% in Q2, Eyes $1trn GDP by 2030- FG
Oru Leonard
The Federal Ministry of Finance has announced Nigeria’s economy expanded by 4.43 per cent in real terms in the second quarter of 2026, strengthening the Federal Government’s ambition to grow the country’s economy to $1 trillion by 2030.
According to the Federal Ministry of Finance, the Q2 2026 growth rate represents an improvement over the 4.23 per cent recorded in the corresponding quarter of 2025 and the 3.89 per cent achieved in the first quarter of 2026.
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 also becoming more broad-based, with 27 economic subsectors recording real growth above three per cent in Q2 2026, compared with 23 subsectors in the corresponding quarter of 2025.
It attributed the stronger performance to improvements across key productive sectors, particularly manufacturing, agriculture and services.
Manufacturing grew by 3.24 per cent in Q2 2026, more than twice the 1.60 per cent recorded in Q2 2025, indicating stronger industrial output.
Agriculture also expanded by 4.39 per cent, compared with 2.82 per cent a year earlier, while the services sector, the largest contributor to economic activity, grew by 4.60 per cent from 3.94 per cent in Q2 2025.
The ministry further said the relative stability and appreciation of the naira had strengthened Nigeria’s economic performance in dollar terms.
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 in the size of the economy in US dollar terms over the period.
The Federal Government said sustained economic growth, coupled with its social intervention programmes, would help improve household incomes, purchasing power and living standards, while supporting efforts to reduce poverty.
The ministry noted that the latest growth figures strengthened Nigeria’s position among Africa’s largest economies and placed the country on a stronger path towards achieving the government’s $1 trillion GDP target by 2030.
It added that the International Monetary Fund had projected Nigeria to rank among the top 10 contributors to global real GDP growth in 2026, accounting for approximately 1.5 per cent of global growth.
The government expressed optimism that continued macroeconomic stability, growth across productive sectors and improved investor confidence could accelerate Nigeria’s emergence as Africa’s largest economy by 2028.
The Ministry of Finance stressed the need for sustained economic reforms and policy consistency, saying the benefits of the reforms must translate into tangible improvements in the lives of Nigerians.
It reaffirmed the Federal Government’s commitment to accelerating inclusive economic growth and ensuring that the country’s improving macroeconomic performance translates into shared prosperity for households and businesses across Nigeria.
