FG: With Economic Growth Trajectory, Nigeria on Track Towards $1trn Economy

*Says country well positioned to consolidate its standing among Africa’s largest economies

Ndubuisi Francis in Abuja

Inspired by the second quarter (Q2) real GDP growth of 4.43 per cent, up from 3.89 per cent in the preceding quarter, the federal government has declared that Nigeria was well positioned to consolidate its standing among Africa’s largest economies and to advance toward its target of a $ 1 trillion economy by 2030.
The Federal Ministry of Finance conveyed government’s position via a statement issued on Tuesday following the latest econinc growth statistics released by the National Bureau of Statistics (NBS), Monday.
The ministry said: “Nigeria’s economy continues to demonstrate resilience and accelerating growth with the second quarter of 2026 real Gross Domestic Product (GDP) expanding by 4.43 per cent year-on-year, up from 4.23 per cent in Q2 2025 and 3.89 per cent in Q1 2026.
“The strong Q2 2026 outturn lifted real GDP growth for the first half of 2026 to 4.16 per cent, up from 3.68 per cent in the corresponding period of 2025, a clear signal of sustained strengthening across the economy.
“Growth is also becoming more broad-based. In Q2 2026, 27 economic subsectors recorded real growth above 3.0 per cent, up from 23 subsectors in Q2 2025, showing that expansion is no longer concentrated in a handful of industries.
“The productive sectors led the way. Manufacturing grew by 3.24 per cent, more than double the 1.60 per cent recorded in Q2 2025, reflecting improved industrial output. Agriculture expanded 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.”
It added that the relative stability and steady appreciation of the exchange rate further amplified these gains in dollar terms, adding that the naira appreciated by over 12 per cent between half-year 2025 and half-year 2026, resulting in an expansion of the economy by approximately 17 per cent in U.S. dollar terms over the period.
According to the statement, if sustained alongside the various social programmes of the government, the pace will 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.
“The International Monetary Fund has already 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,” the ministry said.
It further explained that the continued macroeconomic stability, sustained growth across productive sectors, and improving investor confidence would accelerate Nigeria’s progression toward becoming Africa’s largest economy by 2028.
These results, the government added, underscore the importance of sustaining ongoing 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,” it said.