By Daniel Oluwatobiloba Popoola
The Federal Ministry of Finance says Nigeria’s economy is on track toward a $1 trillion GDP by 2030, after real growth accelerated to 4.43 per cent in the second quarter of 2026, up from 4.23 per cent a year earlier and 3.89 per cent in the first quarter.
The ministry disclosed this in a statement issued in Abuja on Tuesday, 1st September, 2026, shared via the official X handle of the Minister of Finance, Taiwo Oyedele, @taiwoyedele.
It said the strong second-quarter performance lifted real GDP growth for the first half of 2026 to 4.16 per cent, up from 3.68 per cent in the same period of 2025, a signal of sustained strengthening across the economy.
According to the statement, growth was becoming more broad-based, with 27 economic subsectors recording real growth above 3.0 per cent in the second quarter, up from 23 in the corresponding period of 2025, indicating that expansion was no longer concentrated in a handful of industries.
The productive sectors led the growth. Manufacturing expanded by 3.24 per cent, more than double the 1.60 per cent recorded a year earlier, reflecting improved industrial output, while agriculture grew by 4.39 per cent, up from 2.82 per cent, underscoring stronger production and value-chain performance. Services, the largest driver of growth, expanded by 4.60 per cent, up from 3.94 per cent.
The ministry attributed part of the gains to exchange rate stability, noting that the naira appreciated by more than 12 per cent between the first half of 2025 and the first half of 2026, resulting in a dollar-term expansion of the economy of approximately 17 per cent over the period.
It said this pace, if sustained alongside the government’s social programmes, would strengthen dollar incomes, improve purchasing power and lift millions of Nigerians out of poverty.
Given the momentum, the ministry said Nigeria was well positioned to consolidate its standing among Africa’s largest economies and advance toward the government’s target of a USD 1 trillion economy by 2030.
It cited the International Monetary Fund, which ranked Nigeria among the top ten contributors to global real GDP growth in 2026, projecting that the country would account for roughly 1.5 per cent of world growth this year, ahead of several advanced and emerging economies.
It added that continued macroeconomic stability, sustained sectoral growth and improving investor confidence would accelerate Nigeria’s progression 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 ministry said, adding that government remained focused on accelerating inclusive growth and translating the gains into shared prosperity for every Nigerian family.
