Nigeria on track to Meet $1trn Economy by 2030- Oyedele

Nigeria’s economy is on course to achieve the federal government’s target of a $1 trillion Gross Domestic Product (GDP) by 2030, the Federal Ministry of Finance has said.

The ministry stated on Tuesday said the economy was demonstrating resilience and accelerating growth, with real GDP expanding by 4.43 per cent year on year in the second quarter (Q2) of 2026, compared to 4.23 per cent recorded in Q2 2025 and 3.89 per cent in Q1 2026.

It noted that the latest growth performance had lifted real GDP growth for the first half (H1) of 2026 to 4.16 per cent, from 3.68 per cent recorded in the corresponding period of 2025, adding that the performance was a clear indication of sustained strengthening across the economy.

According to the ministry, growth is also becoming more broad based, with 27 economic subsectors recording real growth above 3.0 per cent in Q2 2026, compared with 23 subsectors in the same period of 2025.

It said the development showed that economic expansion was no longer concentrated in a handful of industries, with productive sectors increasingly contributing to the country’s growth.

The ministry highlighted the performance of manufacturing, agriculture and services as key drivers of the expansion recorded during the quarter. Manufacturing grew by 3.24 per cent in Q2 2026, more than double the 1.60 per cent recorded in Q2 2025, which the ministry said reflected improved industrial output.

Agriculture also expanded by 4.39 per cent, compared with 2.82 per cent in Q2 2025, underscoring stronger production and value chain performance. Services, which remained the largest driver of growth, expanded by 4.60 per cent, up from 3.94 per cent recorded in the corresponding quarter of 2025.

The ministry also attributed the expansion of the economy in dollar terms to the relative stability and steady appreciation of the naira. It said the naira appreciated by more than 12 per cent between H1 2025 and H1 2026, resulting in an approximately 17 per cent expansion of the economy in US dollar terms over the period.

It also noted that sustaining the pace of growth, alongside the government’s social programmes, could 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 $1 trillion economy by 2030,” the ministry stated.

The ministry said 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.

It stressed that the latest economic performance reinforced the need for the government to sustain its ongoing reforms and ensure policy consistency as the benefits of the reforms begin to reach households across the country.