FG: With Economic Growth Trajectory, Nigeria on Track Towards $1trn Economy

In Nigeria, the government has stated that the country is on track to become one of Africa's largest economies and to reach a $1 trillion GDP by 2030. This optimism stems from the second quarter (Q2) real GDP growth of 4.43 per cent, up significantly from 3.89 per cent in the previous quarter. The Federal Ministry of Finance highlighted this progress in a statement following the National Bureau of Statistics (NBS) release of the latest economic data.

The ministry noted that the economy demonstrated resilience and accelerating growth, with Q2 2026 GDP expanding by 4.43 per cent year-on-year, surpassing the 4.23 per cent growth in Q2 2025 and the 3.89 per cent growth in Q1 2026. The strong performance in Q2 2026 propelled the first half of 2026 GDP growth to 4.16 per cent, a notable increase from 3.68 per cent in the same period last year.

The growth was broad-based, with 27 economic subsectors expanding at a rate above 3.0 per cent, up from 23 subsectors in the previous quarter. Manufacturing, agriculture, and services all contributed to this growth, with manufacturing rising by 3.24 per cent, agriculture expanding by 4.39 per cent, and services growing by 4.60 per cent.

The strengthening of the naira, which appreciated by over 12 per cent between the second halves of 2025 and 2026, further enhanced these gains when converted to U.S. dollars, yielding an estimated 17 per cent economy expansion over the period. The government emphasized that sustained macroeconomic stability, continued growth in productive sectors, and improving investor confidence would accelerate Nigeria's trajectory to becoming Africa's largest economy by 2028.

The International Monetary Fund already ranks Nigeria among the top 10 contributors to global real GDP growth in 2026, projecting the nation to contribute around 1.5 per cent of world growth this year, a position it anticipates will surpass several advanced and emerging economies.