Barbara Bako, Abuja.
Nigeria’s economy grew by 4.43 per cent in the second quarter of 2026, its fastest pace in over a year, reinforcing the Federal Government’s ambition of building a $1 trillion economy by 2030.
The Federal Ministry of Finance said the latest Gross Domestic Product (GDP) figures showed growth had strengthened from 3.89 per cent in Q1 2026 and 4.23 per cent in Q2 2025, lifting first-half 2026 growth to 4.16 per cent, compared with 3.68 per cent in the corresponding period of last year.
According to the ministry, economic expansion became more broad-based during the quarter, with 27 subsectors posting growth above three per cent, up from 23 subsectors a year earlier.
Manufacturing grew by 3.24 per cent, agriculture expanded by 4.39 per cent, while the services sector recorded 4.60 per cent growth, reflecting stronger performance across key productive sectors.
The ministry attributed part of the improvement to the relative stability and appreciation of the naira, noting that the currency gained more than 12 per cent between the first half of 2025 and the first half of 2026.
This, it said, helped expand Nigeria’s economy by about 17 per cent in U.S. dollar terms, boosting purchasing power and supporting the government’s poverty reduction agenda.
It added 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 world growth this year.
The ministry said sustained reforms, macroeconomic stability and rising investor confidence would further strengthen Nigeria’s position among Africa’s largest economies and accelerate progress toward becoming the continent’s biggest economy by 2028.
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