Nigeria’s GDP Growth Hits 4.43%, Moves Toward $1 Trillion Economy

By Peter Emmanuel |

Nigeria’s real Gross Domestic Product (GDP) grew by 4.43 per cent year-on-year in the second quarter of 2026, up from 4.23 per cent recorded in the same period of 2025, Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said.

Oyedele disclosed this in a statement issued by the Federal Ministry of Finance on Tuesday, September 1, 2026, following the release of Nigeria’s latest GDP figures. The Q2 performance also surpassed the 3.89 per cent growth recorded in the first quarter of 2026.

According to Oyedele, the stronger Q2 performance lifted real GDP growth for the first half of 2026 to 4.16 per cent, compared with 3.68 per cent recorded in the corresponding period of 2025.

He said economic growth was becoming more broad-based, with 27 economic subsectors recording real growth above three per cent in Q2 2026, compared with 23 subsectors in the same quarter of 2025.

The minister said the performance strengthened Nigeria’s position to pursue the Federal Government’s target of a $1 trillion economy by 2030, while continued macroeconomic stability, growth across productive sectors and improved investor confidence would be important to sustaining the momentum.

Nigeria’s GDP Growth Accelerates to 4.43% in Q2 2026

The 4.43 per cent growth recorded in Q2 2026 represents an improvement from the 4.23 per cent recorded in Q2 2025. It also marks an increase from the 3.89 per cent recorded in the first quarter of this year.

Oyedele said the performance raised real GDP growth for the first half of 2026 to 4.16 per cent, compared with 3.68 per cent in the first half of 2025.

The minister said the number of economic subsectors recording real growth above three per cent also increased during the period. Twenty-seven subsectors crossed the three per cent mark in Q2 2026, compared with 23 subsectors in Q2 2025.

The increase suggests that economic activity is spreading across more areas rather than remaining concentrated in a few sectors. The Finance Ministry said the figures reflected stronger activity across the economy.

Oyedele said the government would need to sustain its reforms and maintain policy consistency to ensure that the reported economic gains translate into improvements in the lives of Nigerians.

Manufacturing, Agriculture and Services Drive Economic Expansion

Manufacturing grew by 3.24 per cent in Q2 2026, more than double the 1.60 per cent recorded in the corresponding period of 2025. The Finance Ministry said the increase reflected improved industrial output.

Agriculture expanded by 4.39 per cent during the quarter, compared with 2.82 per cent in Q2 2025. The ministry linked the performance to stronger production and activity across the agricultural value chain.

The services sector, which remains the largest driver of economic activity, grew by 4.60 per cent, compared with 3.94 per cent recorded in the same period of 2025.

The growth recorded across manufacturing, agriculture and services contributed to the broader expansion of the economy in the second quarter. The ministry said the performance showed that productive sectors were contributing to the recovery.

Oyedele said sustaining growth across these sectors would be important to Nigeria’s economic plans. He also stressed the need for policy consistency and continued reforms to support investment and productive activity.

Naira Appreciation Boosts Nigeria’s Economy in Dollar Terms

Oyedele said the relative stability and appreciation of the naira had also increased the size of Nigeria’s economy when measured in US dollars.

According to the minister, the naira appreciated by more than 12 per cent between the first half of 2025 and the first half of 2026.

He said the currency movement, combined with economic growth, resulted in an approximately 17 per cent expansion of the economy in US dollar terms during the period.

Oyedele said if the trend was sustained alongside the government’s social programmes, it could strengthen dollar incomes, improve purchasing power and help lift millions of Nigerians out of poverty.

The minister, however, said maintaining macroeconomic stability and sustaining growth would be necessary to preserve the gains. He added that improved investor confidence would also support further expansion of the economy.

Government Targets $1tn Economy as Growth Gains Momentum

The Finance Ministry said Nigeria is well positioned to advance towards the Federal Government’s target of a $1 trillion economy by 2030 if the current growth momentum is sustained.

Oyedele said continued macroeconomic stability, growth across productive sectors and improving investor confidence would strengthen Nigeria’s position among Africa’s largest economies.

The ministry also cited an International Monetary Fund projection ranking Nigeria among the top 10 contributors to global real GDP growth in 2026. It said the IMF projects Nigeria to account for roughly 1.5 per cent of global growth this year.

The ministry said continued progress could also accelerate Nigeria’s movement towards becoming Africa’s largest economy by 2028. It stressed, however, that the country would need to sustain reforms and ensure consistency in economic policies.

Oyedele said the latest results underscored the importance of ensuring that economic growth translates into shared prosperity. The government, he said, remains focused on accelerating inclusive growth and improving the welfare of Nigerian households