Nigeria targets $1tn economy as GDP growth rises to 4.43% – FG

Nigeria’s government says the economy is gaining momentum toward its target of reaching $1 trillion in gross domestic product by 2030, after real GDP growth accelerated to 4.43% in the second quarter of 2026.

The figure, released by the National Bureau of Statistics, exceeded the 4.23% recorded in the same quarter of 2025 and the 3.89% reported for the first quarter of 2026. The Finance Ministry said the stronger result lifted real GDP growth for the first half of 2026 to 4.16%, compared with 3.68% in the corresponding period last year.

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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.

The ministry presented the expansion as increasingly broad-based. Twenty-seven economic subsectors recorded real growth above 3% in the second quarter, compared with 23 during the same period in 2025. Manufacturing grew 3.24%, more than twice its 1.60% rate a year earlier. Agriculture expanded 4.39%, up from 2.82%, while services grew 4.60%, compared with 3.94% in the second quarter of 2025.

Services remained the largest contributor to real GDP, accounting for 56.62%, followed by agriculture at 26.15% and industry at 17.23%. The oil sector grew 7.31% year on year, helped by higher average crude production of 1.72 million barrels per day, up from 1.55 million barrels per day in the first quarter. The non-oil economy grew 4.31% and continued to dominate output, contributing 95.84% of real GDP.

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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.