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Nigeria’s Economy Gains Momentum, Eyes $1 Trillion GDP by 2030 — Finance Ministry
Nigeria’s economy is showing stronger signs of expansion, with the Federal Ministry of Finance saying recent growth figures point to a broader and mor...
By Wavers Multimedia
The ministry said the economy expanded by 4.43 percent year-on-year in the second quarter of 2026, compared with 4.23 percent recorded in the same quarter of 2025 and 3.89 percent in the first quarter of this year.
According to the ministry, the latest performance lifted real GDP growth for the first half of 2026 to 4.16 percent, up from 3.68 percent during the corresponding period of 2025.
It also pointed to signs that economic growth is becoming more widespread. In the second quarter, 27 economic subsectors recorded real growth of more than 3 percent, compared with 23 subsectors in the same period last year.
Manufacturing, agriculture and services expand
The productive sectors were among those highlighted by the ministry.
Manufacturing growth rose to 3.24 percent in the second quarter, more than twice the 1.60 percent recorded a year earlier. Agriculture expanded by 4.39 percent, compared with 2.82 percent in Q2 2025, while the services sector grew by 4.60 percent, up from 3.94 percent.
The ministry attributed part of the improvement to greater exchange-rate stability. It said the naira appreciated by more than 12 percent between the first half of 2025 and the first half of 2026, contributing to an estimated 17 percent expansion of Nigeria's economy in US-dollar terms over the period.
$1 trillion economy target
The Finance Ministry said the latest figures strengthen Nigeria’s prospects of advancing toward the Federal Government’s target of building a $1 trillion economy by 2030.
It also said continued economic expansion and greater stability could help Nigeria reclaim its position as Africa’s largest economy by 2028.
The ministry cited an International Monetary Fund projection placing Nigeria among the top 10 contributors to global real GDP growth in 2026, with the country expected to account for about 1.5 percent of global growth this year.
It stressed, however, that maintaining the momentum would depend on continued macroeconomic stability, sustained growth in productive industries and stronger investor confidence.
The ministry said the government would continue working to ensure that improvements in headline economic indicators translate into better living conditions and broader prosperity for Nigerians.
The latest assessment comes as the Federal Government continues to defend its economic reforms, including measures aimed at improving revenue mobilisation, investment, production and infrastructure.
For the government, the stronger GDP figures represent evidence that the reforms are beginning to generate wider economic activity, while the bigger challenge remains ensuring that the benefits of growth are felt by households and businesses across the country.