Nigeria’s economy maintained a strong growth trajectory in the second quarter of 2026, with real Gross Domestic Product (GDP) expanding by 4.43 per cent year-on-year, according to the Federal Ministry of Finance.
The latest economic performance represents an improvement over the 4.23 per cent recorded in the second quarter of 2025 and the 3.89 per cent growth posted in the first quarter of 2026, signalling continued resilience across key sectors of the economy.
In a statement issued on Monday in Abuja, the Minister of Finance, Taiwo Oyedele, said the country’s real GDP growth for the first half of 2026 rose to 4.16 per cent, compared to 3.68 per cent recorded during the same period in 2025.
Oyedele noted that economic expansion is becoming increasingly broad-based, with more sectors contributing meaningfully to national output.
According to the minister, 27 economic subsectors recorded real growth above three per cent in the second quarter of 2026, compared to 23 subsectors during the corresponding period of last year.
The productive sectors were identified as the major drivers of growth.
Manufacturing grew by 3.24 per cent, more than doubling the 1.60 per cent recorded in Q2 2025, while agriculture expanded by 4.39 per cent from 2.82 per cent a year earlier. The services sector, which remains the largest contributor to the economy, recorded a growth rate of 4.60 per cent, up from 3.94 per cent.
The minister also attributed part of the improved economic performance to the relative stability of the naira, noting that the currency appreciated by more than 12 per cent between the first half of 2025 and the first half of 2026.
According to him, the stronger exchange rate contributed to an estimated 17 per cent expansion of Nigeria’s economy in U.S. dollar terms during the period.
He added that if the current pace is sustained alongside ongoing government social intervention programmes, it could improve household incomes and purchasing power while reducing poverty.
The minister said the latest figures place Nigeria on a stronger path toward achieving the Federal Government’s target of building a one trillion-dollar economy by 2030.
He further disclosed that the International Monetary Fund (IMF) has ranked Nigeria among the top 10 contributors to global real GDP growth in 2026, projecting the country to account for about 1.5 per cent of global economic growth this year, ahead of several advanced and emerging economies.
The minister expressed optimism that continued macroeconomic stability, sustained reforms, stronger productive sectors and rising investor confidence would position Nigeria to become Africa’s largest economy by 2028.
The statement read: “Nigeria’s economy continues to demonstrate resilience and accelerating growth with the 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.”
It added: “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.”
Highlighting the broader spread of growth, the ministry stated: “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.”
On the outlook for the economy, the statement said: “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 further stated: “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.”
The ministry reaffirmed the Federal Government’s commitment to maintaining policy consistency and deepening ongoing economic reforms to ensure that the gains from improved macroeconomic performance translate into better living standards for Nigerians.