The Federal Government has said Nigeria’s economy recorded accelerated growth in the second quarter of 2026, expanding by 4.43 per cent year-on-year, as the country moves closer to its target of building a $1 trillion economy by 2030.
The Federal Ministry of Finance, in a statement issued on Tuesday, said the Q2 growth rate represented an improvement over the 4.23 per cent recorded in the corresponding period of 2025 and the 3.89 per cent growth posted in the first quarter of 2026.
According to the ministry, the strong performance also lifted Nigeria’s real Gross Domestic Product growth for the first half of 2026 to 4.16 per cent, compared with 3.68 per cent recorded during the corresponding period of 2025.
The ministry said the latest figures showed that growth was becoming increasingly broad-based across key sectors of the economy.
“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 statement said.
It said the productive sectors drove much of the expansion, with manufacturing growing by 3.24 per cent, more than double the 1.60 per cent recorded in the second quarter of 2025.
Agriculture expanded by 4.39 per cent, compared with 2.82 per cent in the corresponding period of the previous year, while the services sector, which remains the largest contributor to economic growth, grew by 4.60 per cent, up from 3.94 per cent.
The ministry attributed part of the improvement in the dollar value of the economy 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 corresponding period of 2026, contributing to an estimated 17 per cent expansion of the Nigerian economy in United States dollar terms over the period.
“The relative stability and steady appreciation of the exchange rate further amplified these gains in dollar terms,” the ministry said.
It added that if the current momentum was sustained alongside the Federal Government’s social intervention programmes, the development could strengthen dollar incomes, improve purchasing power and help lift millions of Nigerians out of poverty.
The ministry said the latest economic performance had positioned Nigeria to consolidate its standing among Africa’s largest economies and advance towards the Federal Government’s target of achieving a $1 trillion economy by 2030.
It also noted 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 during the year.
According to the ministry, Nigeria’s continued macroeconomic stability, sustained expansion in productive sectors and improving investor confidence could further accelerate the country’s ambition of 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 statement said.
“The Government remains focused on accelerating inclusive growth and translating these macroeconomic gains into shared prosperity for every Nigerian family.”
