The Federal Government has said Nigeria’s economy is on a steady trajectory towards achieving its target of a $1 trillion economy by 2030, driven by sustained growth, exchange-rate stability and improving investor confidence. The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, said this in a statement following the release of... The post Nigeria On Steady Path To $1trn Economy By 2030 – Oyedele appeared first on New Telegraph .
The Federal Government has said Nigeria’s economy is on a steady trajectory towards achieving its target of a $1 trillion economy by 2030, driven by sustained growth, exchange-rate stability and improving investor confidence.
The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, said this in a statement following the release of Nigeria’s second-quarter 2026 Gross Domestic Product (GDP) figures by the National Bureau of Statistics (NBS).
Oyedele said the economy continued to demonstrate resilience and accelerating growth, with real GDP expanding by 4.43 per cent year-on-year in Q2 2026, compared with 4.23 per cent in the corresponding quarter of 2025 and 3.89 per cent in Q1 2026.
He said the latest performance raised real GDP growth for the first half of 2026 to 4.16 per cent, up from 3.68 per cent recorded in the corresponding period of 2025.
According to him, the figures indicate sustained strengthening across key segments of 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 minister said.
He noted that productive sectors recorded significant improvements during the quarter.
Manufacturing grew by 3.24 per cent, more than double the 1.60 per cent recorded in Q2 2025, while agriculture expanded by 4.39 per cent, compared with 2.82 per cent in the corresponding quarter.
Services, which remains the largest contributor to economic activity, also grew by 4.60 per cent, up from 3.94 per cent in Q2 2025.
Oyedele attributed part of the improvement in the economy’s dollar value to the relative stability and steady appreciation of the naira.
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 economy in U.S. dollar terms over the period.
The minister said the trend, if sustained alongside the government’s social intervention programmes, could strengthen dollar-denominated incomes, improve purchasing power and help 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.
Oyedele also cited projections by the International Monetary Fund (IMF), which he said placed Nigeria among the top 10 contributors to global real GDP growth in 2026.
He said the IMF projected Nigeria to account for about 1.5 per cent of global economic growth this year, placing the country ahead of several advanced and emerging economies.
According to him, sustained macroeconomic stability, continued growth in productive sectors and improved investor confidence could accelerate Nigeria’s emergence as Africa’s largest economy by 2028.
The minister stressed the need for policy consistency and continued implementation of economic reforms to consolidate the gains recorded so far.
“These results underscore the importance of sustaining our 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,” Oyedele said.
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