By Sam Otuonye
The federal government has said that the economy is accelerating towards a US$1 trillion Gross Domestic Product (GDP) with the expansion of second quarter of 2026 real Gross Domestic Product (GDP) by 4.43 per cent year-on-year.
According to a statement released by Ministry of Finance on Tuesday, September I, 2026, Nigeria’s economy has continued to demonstrate resilience and accelerating growth with second quarter of 2026 real Gross Domestic Product (GDP) expanding by 4.43 per cent year-on-year, up from 4.23 per cent in Q2 2025 and 3.89 per cent in Q1 2026.
The strong Q2 2026 outturn lifted real GDP growth for the first half of 2026 to 4.16 per cent, up from 3.68 per cent in the corresponding period of 2025, a clear signal of sustained strengthening across the economy.
Growth is also becoming more broad-based. In Q2 2026, 27 economic subsectors recorded real growth above 3.0 per cent, up from 23 subsectors in Q2 2025, showing that expansion is no longer concentrated in a handful of industries.
The statement noted that the productive sectors led the way, with manufacturing growing by 3.24 per cent, more than double the 1.60 per cent recorded in Q2 2025, reflecting improved industrial output. Agriculture expanded by 4.39 per cent, up from 2.82 per cent, underscoring stronger production and value-chain performance. Services, the largest driver of growth, expanded by 4.60 per cent, up from 3.94 per cent.
The relative stability and steady appreciation of the exchange rate further amplified these gains in dollar terms. The naira appreciated by more than 12 per cent between H1 2025 and H1 2026, resulting in an expansion of the economy by approximately 17 per cent in U.S. dollar terms over the period, a pace that, if sustained along with the various social programmes of the Government, will meaningfully strengthen dollar incomes, improve purchasing power and lift millions of Nigerians out of poverty.
Given this momentum, Nigeria is well positioned to consolidate its standing among Africa’s largest economies and to advance toward the Government’s target of a USD 1 trillion economy by 2030.
It highlighted that the International Monetary Fund has already ranked Nigeria among the top 10 contributors to global real GDP growth in 2026, projecting the country to account for roughly 1.5 per cent of world growth this year, ahead of several advanced and emerging economies.
“Continued macroeconomic stability, sustained growth across productive sectors, and improving investor confidence would accelerate Nigeria’s progression toward becoming Africa’s largest economy by 2028.
“These results underscore the importance of sustaining our reforms and ensuring policy consistency as their benefits begin to reach households across the country. The Government remains focused on accelerating inclusive growth and translating these macroeconomic gains into shared prosperity for every Nigerian family,” the statement concluded.
