Nigeria’s economy advances as GDP growth climbs to 4.43%

Nigeria’s economy recorded stronger growth in the second quarter of 2026, reinforcing its trajectory toward a projected one-trillion-dollar economy.

The Federal Ministry of Finance said in a statement issued on Tuesday in Abuja that real Gross Domestic Product (GDP) grew by 4.43 percent year-on-year in Q2 2026.

It said that the Q2 growth surpassed the 4.23 percent recorded in Q2 of 2025 and 3.89 percent in Q1 of 2026.

According to the ministry, the performance lifted real GDP growth for the first half of 2026 to 4.16 percent.

This compares with 3.68 percent recorded during the corresponding period of 2025.

The ministry said that the latest figures showed sustained strengthening across several sectors of the economy.

It said that the growth was also becoming more broad-based, with 27 economic subsectors recording real growth above three percent.

This represented an increase from 23 subsectors that recorded similar growth in Q2 2025.

The ministry said that the manufacturing growth accelerated to 3.24 percent from 1.60 percent recorded in Q2 2025.

Agriculture also expanded by 4.39 percent, compared with 2.82 percent during the corresponding quarter of 2025.

The ministry said that the largest contributor to economic growth expanded by 4.60 percent, up from 3.94 percent.

The ministry attributed the improved performance to stronger activity across productive sectors and greater stability in the foreign exchange market.

It said that the naira appreciated by more than 12 percent between the first half of 2025 and the first half of 2026.

This has contributed approximately 17 percent expansion in the economy in U.S. dollar terms during the period.

The ministry said that the sustained growth and government social programmes could strengthen dollar incomes and improve purchasing power.

It added that the developments could help lift millions of Nigerians out of poverty.

The ministry said that the country was well positioned to consolidate its position among Africa’s largest economies.

It also expressed confidence that the country could achieve the government’s target of a one-trillion-dollar economy by 2030.

The ministry noted that the International Monetary Fund (IMF) had ranked Nigeria among the top ten contributors to global real GDP growth in 2026.

It said that the IMF projected the country would account for about 1.5 percent of global growth during the year.

The ministry said it has placed the country ahead of several advanced and emerging economies in contributing to global economic expansion.

It added that sustained macroeconomic stability and stronger investor confidence could accelerate Nigeria’s economic progression.

According to the ministry, the country could become Africa’s largest economy by 2028 if the current momentum is sustained.

It stressed the need to sustain ongoing reforms and ensure policy consistency as economic benefits increasingly reach households.

The ministry said that the government remained committed to accelerating inclusive growth and translating economic gains into shared prosperity.

Credit: NAN (Texts Excluding Headlines).