Nigeria\u2019s economy grows 4.43%, strengthens path to $1trn GDP by 2030<\/p>\n
GDP<\/p>\n
By Nana Musa<\/p>\n
Nigeria\u2019s economy recorded stronger growth in the second quarter of 2026, reinforcing its trajectory toward a projected one trillion dollars economy.<\/p>\n
The Federal Ministry of Finance said in a statement issued on Tuesday in Abuja that real Gross Domestic Product (GDP) grew by 4.43 per cent year-on-year in Q2 2026.<\/p>\n
It said that the Q2 growth surpassed the 4.23 per cent recorded in Q2 of 2025 and 3.89 per cent in Q1 of 2026.<\/p>\n
According to the ministry, the performance lifted real GDP growth for the first half of 2026 to 4.16 per cent.<\/p>\n
This compares with 3.68 per cent recorded during the corresponding period of 2025.<\/p>\n
The ministry said that the latest figures showed sustained strengthening across several sectors of the economy.<\/p>\n
It said that the growth was also becoming more broad-based, with 27 economic subsectors recording real growth above three per cent.<\/p>\n
This represented an increase from 23 subsectors that recorded similar growth in Q2 2025.<\/p>\n
The ministry said that the manufacturing growth accelerated to 3.24 per cent from 1.60 per cent recorded in Q2 2025.<\/p>\n
Agriculture also expanded by 4.39 per cent, compared with 2.82 per cent during the corresponding quarter of 2025.<\/p>\n
The ministry said that the largest contributor to economic growth, expanded by 4.60 per cent, up from 3.94 per cent.<\/p>\n
The ministry attributed the improved performance to stronger activity across productive sectors and greater stability in the foreign exchange market.<\/p>\n
It said that the naira appreciated by more than 12 per cent between the first half of 2025 and first half of 2026.<\/p>\n
This has contributed approximately 17 per cent expansion in the economy in U.S. dollar terms during the period.<\/p>\n
The ministry said that the sustained growth and government social programmes could strengthen dollar incomes and improve purchasing power.<\/p>\n
It added that the developments could help lift millions of Nigerians out of poverty.<\/p>\n
The ministry said that the country was well positioned to consolidate its position among Africa\u2019s largest economies.<\/p>\n
It also expressed confidence that the country could achieve the government\u2019s target of one trillion dollars economy by 2030.<\/p>\n
The ministry noted that the International Monetary Fund (IMF), had ranked Nigeria among the top ten contributors to global real GDP growth in 2026.<\/p>\n
It said that the IMF projected the country would account for about 1.5 per cent of global growth during the year.<\/p>\n
The ministry said it has placed the country ahead of several advanced and emerging economies in contributing to global economic expansion.<\/p>\n
It added that sustained macroeconomic stability and stronger investor confidence could accelerate Nigeria\u2019s economic progression.<\/p>\n
According to the ministry, the country could become Africa\u2019s largest economy by 2028 if the current momentum is sustained.<\/p>\n
It stressed the need to sustain ongoing reforms and ensure policy consistency as economic benefits increasingly reach households.<\/p>\n
The ministry said that the government remained committed to accelerating inclusive growth and translating economic gains into shared prosperity. (NAN)<\/p>\n","protected":false},"excerpt":{"rendered":"
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