Nigeria on track to become $1tn economy by 2030 – FG

Nigeria's economy expanded by 4.43 percent year-on-year in the second quarter of 2026, outpacing the 4.23 percent growth seen in the same period last year. The Federal Ministry of Finance revealed these figures, noting a positive trend from 3.89 percent growth in the first quarter of 2026. This surge in growth led to a 4.16 percent increase in Nigeria's real GDP for the first half of 2026, marking a significant improvement compared to 3.68 percent in the same period last year.

The Ministry highlighted that 27 economic subsectors saw growth exceeding three percent in the second quarter of 2026, a rise from 23 subsectors in the previous quarter.

Manufacturing, agriculture, and services were the leading contributors to this growth. Manufacturing saw a notable expansion of 3.24 percent, surpassing the 1.60 percent growth of the previous year. Agriculture also performed strongly, growing by 4.39 percent, up from 2.82 percent in Q2 2025. Services, the largest driver of economic growth, expanded by 4.60 percent, up from 3.94 percent in the same quarter last year.

These improvements were partly attributed to the relative stability and appreciation of the Nigerian naira, which strengthened by more than 12 percent between the first half of 2025 and the first half of 2026. This naira appreciation contributed to a 17 percent expansion in economic growth when measured in U.S. dollar terms over this period.

The Ministry emphasized that sustaining this growth trend, combined with the government's social programs, could further enhance dollar incomes, boost purchasing power, and reduce poverty. They noted that Nigeria is well positioned to maintain its position among Africa's largest economies and is on track to achieve the government's ambitious goal of a $1 trillion economy by 2030.

The International Monetary Fund ranked Nigeria among the top 10 contributors to global real GDP growth in 2026, projecting that the country would contribute approximately 1.5 percent to global growth.

The Ministry projected that continued macroeconomic stability, sustained growth in productive sectors, and improved investor confidence could further accelerate Nigeria's economic expansion. They projected that these factors could position Nigeria to potentially become Africa's largest economy by 2028. However, the Ministry stressed the importance of maintaining policy consistency and implementing reforms to sustain this growth trajectory.

They underscored that these results highlight the importance of sustaining reforms and ensuring policy consistency, as they begin to benefit households across the country. The Government remains committed to accelerating inclusive growth and translating these macroeconomic gains into shared prosperity for every Nigerian family.