Nigeria targets $1tn economy as GDP growth rises to 4.43% – FG

The Nigerian government has expressed optimism about the country's economic prospects, projecting a $1tn GDP by 2030 based on robust growth figures. In the second quarter of 2026, the nation's GDP expanded by 4.43 percent year-on-year, surpassing the growth rates of previous quarters. This marks a marked improvement, with the real GDP growth for the first half of 2026 reaching 4.16 percent, up from 3.68 percent in the same period of 2025.

The Federal Ministry of Finance highlighted that growth is now more broadly distributed across various sectors, with 27 subsectors recording growth above three percent in Q2 2026, compared to 23 in the previous year. Manufacturing, agriculture, and services sectors all contributed to this growth, with manufacturing expanding by 3.24 percent and services growing at 4.60 percent.

The service sector remains the largest contributor to GDP at 56.62 percent, followed by agriculture at 26.15 percent and industry at 17.23 percent. The appreciation of the naira also boosted the economy, resulting in a 17 percent increase in dollar terms when measured against the U.S. dollar. The International Monetary Fund has also ranked Nigeria as one of the top 10 contributors to global real GDP growth in 2026.

Despite these positive indicators, the recovery remains uneven, with some sectors experiencing slower growth, such as the industrial sector. However, the government remains committed to maintaining this momentum and ensuring that economic expansion leads to improved living standards for all Nigerians.