Nigeria’s Economy Grows 4.43% in Q2 2026, Targets $1tn GDP by 2030

Nigeria’s economy recorded a 4.43 percent year-on-year growth in the second quarter of 2026, strengthening the country’s prospects of achieving the Federal Government’s target of building a $1 trillion economy by 2030.

The Federal Ministry of Finance disclosed the figures in a statement on Tuesday, saying the Q2 2026 growth rate improved from 4.23 per cent recorded in the corresponding period of 2025 and 3.89 per cent in the first quarter of 2026.

According to the ministry, Nigeria’s real GDP growth for the first half of 2026 stood at 4.16 percent, compared with 3.68 per cent recorded during the same period in 2025.

The government said economic growth was becoming increasingly broad-based, with 27 economic subsectors recording real growth above 3 per cent in Q2 2026, compared with 23 subsectors during the corresponding period of 2025.

The productive sectors were among the major drivers of growth, with manufacturing expanding by 3.24 percent, compared with 1.60 per cent in Q2 2025.

Agriculture grew by 4.39 percent, up from 2.82 percent, while the services sector, Nigeria’s largest contributor to GDP, expanded by 4.60 percent, compared with 3.94 percent in the previous year.

The ministry also attributed part of the improvement in dollar terms to the relative stability and appreciation of the naira, which it said strengthened by more than 12 percent between the first half of 2025 and the first half of 2026.

According to the statement, the development contributed to an estimated 17 percent expansion of the Nigerian economy in US dollar terms over the period.

The Federal Government said sustained economic growth, macroeconomic stability and improving investor confidence could accelerate Nigeria’s journey towards becoming Africa’s largest economy by 2028 and achieving a $1 trillion GDP by 2030.

The ministry added that the government remained focused on ensuring that the gains from economic reforms translate into improved purchasing power, reduced poverty and better living conditions for Nigerians.