Tinubu’s govt targets $1trn economy by 2030 as GDP growth hits 4.43%

The Federal Ministry of Finance has said the Nigerian economy expanded by 4.43 per cent year-on-year in the second quarter of 2026, up from 4.23 per cent recorded in the corresponding period of 2025.

The ministry, in a statement issued on Tuesday, said the latest growth rate also represented an improvement from the 3.89 per cent recorded in the first quarter of 2026.

It said the stronger Q2 performance lifted Nigeria’s real GDP growth for the first half of 2026 to 4.16 per cent, compared with 3.68 per cent recorded in the same period of 2025.

According to the ministry, the growth was becoming more broad-based, with 27 economic sub sectors recording real growth above three per cent in Q2 2026, compared with 23 sub sectors in the same quarter of 2025.

The productive sectors recorded significant improvements during the period.

The ministry said manufacturing grew by 3.24 per cent, more than double the 1.60 per cent recorded in Q2 2025, while agriculture expanded by 4.39 per cent from 2.82 per cent.

The services sector, described as the largest driver of growth, also expanded by 4.60 per cent, compared with 3.94 per cent in the corresponding period of 2025.

The ministry attributed part of the improvement in the economy’s dollar value to the relative stability and appreciation of the naira.

It said the naira appreciated by more than 12 per cent between the first half of 2025 and the first half of 2026, contributing to an estimated 17 per cent expansion of the economy in US dollar terms over the period.

The ministry said the development could strengthen dollar incomes, improve purchasing power and help lift millions of Nigerians out of poverty if sustained alongside government’s social programmes.

It added that the growth momentum positioned Nigeria to consolidate its status among Africa’s largest economies and move towards the Federal Government’s target of a $1 trillion economy by 2030.

The ministry also cited projections by the International Monetary Fund, which it said ranked Nigeria among the top 10 contributors to global real GDP growth in 2026.

It said the IMF projected Nigeria to account for about 1.5 per cent of global growth this year, ahead of several advanced and emerging economies.

The ministry further projected that continued macroeconomic stability, sustained growth across productive sectors and improved investor confidence could accelerate Nigeria’s emergence as Africa’s largest economy by 2028.

It said the latest figures underscored the need for policy consistency and the continuation of economic reforms to ensure that the gains from growth translate into improved living standards for Nigerians.

“The Government remains focused on accelerating inclusive growth and translating these macroeconomic gains into shared prosperity for every Nigerian family,” the ministry said.