Nigeria’s Economy on Track to Hit $1trn GDP by 2030—Finance Ministry

By Adedapo Adesanya

Nigeria’s economy is showing signs of accelerating growth and is on track towards the federal government’s target of a $1 trillion economy by 2030, the Ministry of Finance has said.

The ministry made the assessment in a statement on Tuesday, September 1, following the release of Nigeria’s second-quarter 2026 economic growth figures.

According to the National Bureau of Statistics (NBS), real Gross Domestic Product (GDP) grew by 4.43 per cent year-on-year in Q2 2026, compared with 4.23 per cent in the same period of 2025 and 3.89 per cent in the first quarter of 2026.

The ministry said the latest performance raised real GDP growth for the first half of 2026 to 4.16 per cent, up from 3.68 per cent recorded in the corresponding period of 2025.

It said the figures showed that economic expansion was becoming more broad-based, noting that 27 economic subsectors recorded real growth above three per cent in Q2 2026, compared with 23 subsectors in Q2 2025.

The Finance Ministry said the productive sectors were among those driving the growth, with manufacturing expanding by 3.24 per cent from 1.60 per cent in Q2 2025.

Agriculture grew by 4.39 per cent, compared with 2.82 per cent in the corresponding period, while the services sector expanded by 4.60 per cent from 3.94 per cent.

The ministry also linked 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 during the period.

According to the ministry, sustained growth and the government’s social programmes could help 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 $1 trillion economy by 2030,” the ministry said.

It further said Nigeria’s economic outlook had received international recognition, noting that the International Monetary Fund had ranked the country among the top 10 contributors to global real GDP growth in 2026.

The ministry said the IMF projected Nigeria to account for roughly 1.5 per cent of global growth in 2026, ahead of several advanced and emerging economies.

It added that continued macroeconomic stability, sustained growth across productive sectors and improving investor confidence would accelerate Nigeria’s progression towards 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 ministry stated.