Nigeria’s economy accelerates toward $1trn GDP target as second quarter 2026 growth hits 4.43%

Nigeria’s economy expanded by 4.43 per cent year-on-year in the second quarter of 2026, up from 4.23 per cent in the corresponding period of 2025 and 3.89 per cent in the first quarter of this year, the Federal Ministry of Finance has said, citing the latest real Gross Domestic Product (GDP) figures.

According to a statement by Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, the Q2 performance pushed real GDP growth for the first half of 2026 to 4.16 per cent, compared with 3.68 per cent in H1 2025, reinforcing what the ministry described as a sustained strengthening across the economy.

Growth was also broad-based. Twenty-seven economic subsectors recorded real growth above 3.0 per cent in Q2 2026, up from 23 subsectors in the same quarter of 2025, indicating that expansion has moved beyond a handful of dominant industries.

The productive sectors drove the gains. Manufacturing grew by 3.24 per cent, more than double the 1.60 per cent posted in Q2 2025, while agriculture expanded by 4.39 per cent, up from 2.82 per cent. Services, the largest contributor to growth, rose by 4.60 per cent from 3.94 per cent a year earlier.

Exchange rate stability added to the gains in dollar terms. The naira appreciated by more than 12 per cent between H1 2025 and H1 2026, helping expand the economy by approximately 17 per cent in U.S. dollar terms over the period, a trend the ministry said, if sustained alongside government social programmes, would strengthen dollar incomes, improve purchasing power and lift millions of Nigerians out of poverty.

The ministry said the momentum positions Nigeria to consolidate its standing among Africa’s largest economies and advance toward the government’s target of a $1 trillion economy by 2030. It noted that the International Monetary Fund has ranked Nigeria among the top 10 contributors to global real GDP growth in 2026, projecting the country to account for roughly 1.5 per cent of world growth this year — ahead of several advanced and emerging economies.

Sustained macroeconomic stability, continued growth across productive sectors and improving investor confidence, the ministry added, would accelerate Nigeria’s progress toward becoming Africa’s largest economy by 2028.

“These results underscore the importance of sustaining our reforms and ensuring policy consistency as their benefits begin to reach households across the country. The Government remains focused on accelerating inclusive growth and translating these macroeconomic gains into shared prosperity for every Nigerian family,” the CME said.