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Oyedele: Nigeria's Economy Advances To $1trn Rarget, Endorses 4 43% Growth

BY CHIKA OKEKE, Abuja
Taiwo Oyedele

Nigeria's economy advanced toward the government's target of attaining $1 trillion by 2030, highlighting the benefits of fiscal reforms. 

Given the accelerated growth, the Gross Domestic Product ,GDP, rose by 4.43 per cent year-on-year in the second quarter of 2026, 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.

But in Q2 2026, 27 economic subsectors recorded real growth above 3.0 per cent, up from 23 subsectors in Q2 2025, indicating that expansion exceeded beyond the industries.

The productive sectors led the way as 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. The services, being the largest driver of growth, also rose by 4.60 per cent, up from 3.94 per cent.

The relative stability and steady appreciation of the exchange rate further amplified the gains in dollar terms. The naira appreciated by more than 12 per cent between H1 2025 and H1 2026.

This resulted to the expansion of the economy by approximately 17 per cent in US dollar terms over the period, a pace that, if sustained along with the various government's social programmes, will meaningfully strengthen dollar incomes, improve purchasing power and lift millions of Nigerians out of poverty.

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele said on Tuesday in Abuja, that Nigeria is well positioned to consolidate its standing among Africa's largest economies and to advance toward the government's target of  $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. 

Oyedele stated that continued macroeconomic stability, sustained growth across productive sectors, and improved investor confidence would accelerate Nigeria's progression toward becoming Africa's largest economy by 2028.

He said that the results underscored the importance of sustaining the reforms and ensuring policy consistency as the benefits begin to reach households across the country.

The government remains focused on accelerating inclusive growth and translating the macroeconomic gains into shared prosperity for every Nigerian family.






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