Nigeria’s Economy Grows 4.43% in Q2 2026, Targets $1trn GDP by 2030
By Pan Afric Reporters
The Federal Government says Nigeria’s economy is gaining stronger and broader momentum, as real Gross Domestic Product (GDP) growth accelerated to 4.43 per cent in the second quarter of 2026, putting the country on a stronger trajectory towards its ambitious $1 trillion economy target by 2030.
The figures were contained in a statement issued by the Federal Ministry of Finance in Abuja on Tuesday, September 1, 2026. The statement, issued on behalf of the Ministry, highlighted improving performance across manufacturing, agriculture and services as evidence of a broadening economic recovery.
The Q2 2026 growth rate represents an improvement over the 4.23 per cent recorded in the corresponding quarter of 2025 and the 3.89 per cent achieved in the first quarter of 2026.
The latest performance also pushed Nigeria’s real GDP growth for the first half of 2026 to 4.16 per cent, compared with 3.68 per cent recorded during the same period in 2025.
According to the Ministry, the expansion is increasingly broad-based, with 27 economic subsectors recording real growth of more than three per cent in Q2 2026, compared with 23 subsectors in the same quarter of 2025.
The productive sectors recorded notable improvements during the period.
Manufacturing growth rose to 3.24 per cent from 1.60 per cent in Q2 2025, while agriculture expanded by 4.39 per cent, up significantly from 2.82 per cent recorded a year earlier.
Services, which remains the largest contributor to economic activity, grew by 4.60 per cent in Q2 2026, compared with 3.94 per cent in the corresponding period of 2025.
The Federal Government attributed part of the improvement in the economy’s dollar value to the relative stability and appreciation of the naira.
The Ministry 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 US dollar terms over the period.
It said sustained exchange-rate stability, coupled with the implementation of social intervention programmes, could help strengthen dollar incomes, improve purchasing power and reduce poverty.
“The results underscore the importance of sustaining our reforms and ensuring policy consistency as their benefits begin to reach households across the country,” the Federal Ministry of Finance said.
The Ministry maintained that the latest growth figures strengthened Nigeria’s prospects of consolidating its position among Africa’s largest economies while advancing towards the Federal Government’s target of a $1 trillion economy by 2030.
It also cited projections by the International Monetary Fund (IMF), which has placed Nigeria among the 10 largest contributors to global real GDP growth in 2026.
According to the Ministry, the IMF projects that Nigeria will account for approximately 1.5 per cent of global real GDP growth this year, putting the country ahead of several advanced and emerging economies in terms of contribution to worldwide economic expansion.
The Federal Government further projected that continued macroeconomic stability, sustained growth in productive sectors and improved investor confidence could accelerate Nigeria’s progression towards becoming Africa’s largest economy by 2028.
The Ministry stressed, however, that the latest economic gains must translate into improved living standards for Nigerians, noting that the focus of the government’s reform programme remained inclusive growth and shared prosperity.
“The Government remains focused on accelerating inclusive growth and translating these macroeconomic gains into shared prosperity for every Nigerian family,” the statement said.
The Federal Ministry of Finance said maintaining policy consistency would be critical to sustaining the current growth momentum and ensuring that improvements recorded at the macroeconomic level are increasingly reflected in household welfare across the country.
