Nigeria is targeting a $1 trillion economy by 2030 as economic growth accelerated to 4.43 per cent in the second quarter of 2026, according to the Federal Ministry of Finance.
The ministry, in a statement issued on Tuesday, said the Q2 2026 growth was higher than the 4.23 per cent recorded in the corresponding quarter of 2025 and the 3.89 per cent recorded in Q1 2026.
The latest performance lifted Nigeria’s real GDP growth for the first half of 2026 to 4.16 per cent, compared with 3.68 per cent in the first half of 2025.
The ministry said the growth was also becoming more broad-based, with 27 economic subsectors recording real growth above 3 per cent in Q2 2026, compared with 23 subsectors in the same period of 2025.
According to the ministry, manufacturing growth more than doubled to 3.24 per cent from 1.60 per cent in Q2 2025, while agriculture expanded to 4.39 per cent from 2.82 per cent.
Services, which remains the largest contributor to economic growth, grew by 4.60 per cent, compared with 3.94 per cent in the corresponding period of 2025.
The ministry also attributed part of the improvement in Nigeria’s dollar-denominated economic output to the relative stability and appreciation of the naira.
It 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 in the economy in US dollar terms over the period.
The Federal Ministry of Finance said sustained growth, macroeconomic stability and improved investor confidence could accelerate Nigeria’s return to the position of Africa’s largest economy by 2028.
It added that the International Monetary Fund had ranked Nigeria among the top 10 contributors to global real GDP growth in 2026, projecting that the country would account for about 1.5 per cent of global growth this year.
The ministry said the latest figures strengthened the case for maintaining the government’s economic reforms and ensuring policy consistency.
It said the government would remain focused on translating the improved macroeconomic performance into higher incomes, greater purchasing power and reduced 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,” the ministry said.