Nigeria’s economy is gaining momentum and remains on track towards the Federal Government’s target of becoming a $1 trillion economy by 2030.
The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said in a statement on Tuesday, following the stronger growth recorded in Nigeria’s gross domestic product (GDP) in the second quarter of 2026.
The GDP grew by 4.43 per cent year-on-year in the second quarter, up from 4.23 per cent in the corresponding period of 2025 and 3.89 per cent in the first quarter of 2026.
The strong performance lifted real GDP growth for the first half of 2026 to 4.16 per cent, compared with 3.68 per cent in the corresponding period of 2025.
The minister said the latest figures showed that growth was becoming more broad-based, with 27 economic subsectors recording real growth above 3.0 per cent in the second quarter, compared with 23 subsectors in the same period of 2025.
“The productive sectors led the way,” he said.
He highlighted that manufacturing grew by 3.24 per cent, more than double the 1.60 per cent recorded in the second quarter of 2025, while agriculture expanded by 4.39 per cent, compared with 2.82 per cent a year earlier.
The services sector, the largest contributor to economic growth, expanded by 4.60 per cent, up from 3.94 per cent in the corresponding period of 2025.
According to Oyedele, relative stability and the steady appreciation of the naira also strengthened the economy’s performance in dollar terms.
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He said 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 of the Nigerian economy in U.S. dollar terms over the period.
The minister said that if the pace was sustained alongside the government’s social programmes, it would “meaningfully strengthen dollar incomes, improve purchasing power and lift millions of Nigerians out of poverty.”
“Given this momentum, Nigeria is well positioned to consolidate its standing among Africa’s largest economies and to advance toward the Government’s target of a USD 1 trillion economy by 2030,” he said.
The minister also pointed to the International Monetary Fund’s projection that Nigeria would rank among the top 10 contributors to global real GDP growth in 2026, accounting for roughly 1.5 per cent of world growth during the year.
He said continued macroeconomic stability, sustained expansion across productive sectors and improving investor confidence could accelerate Nigeria’s progress towards 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 minister said.
“The Government remains focused on accelerating inclusive growth and translating these macroeconomic gains into shared prosperity for every Nigerian family.”
Pinnacle Daily earlier reported that the Centre for the Promotion of Private Enterprise (CPPE) has urged the federal government to ensure that the GDP growth translates into jobs, rising household incomes and lower poverty.
Describing the outcome as an important indication that the economy was gaining momentum after a difficult period of macroeconomic adjustment, the CPPE stressed that the next challenge was to ensure that the recovery improved the welfare of households.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X