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Nigeria’s Finance Minister, Taiwo Oyedele, says the country’s economy is gaining momentum, with growth figures showing stronger performance across key sectors and putting Nigeria on course for a $1 trillion economy by 2030.
In a statement on Tuesday, Oyedele said the economy expanded by 4.43 per cent year-on-year in the second quarter of 2026, up from 4.23 per cent in Q2 2025 and 3.89 per cent in Q1 2026.
“The Nigerian economy continues to demonstrate resilience and accelerating growth,” Oyedele said, adding that the latest figures reflected “sustained strengthening across the economy.”
The minister said real GDP growth in the first half of 2026 reached 4.16 per cent, up from 3.68 per cent in the same period in 2025.
He noted that growth was becoming broader, with 27 economic subsectors recording growth above three per cent in the second quarter, compared with 23 subsectors a year earlier.
Manufacturing, agriculture and services recorded improved performances during the period. Manufacturing growth rose to 3.24 per cent from 1.60 per cent, agriculture expanded by 4.39 per cent from 2.82 per cent, while services grew by 4.60 per cent.
Oyedele also pointed to exchange rate stability as a factor supporting economic expansion, saying the naira appreciated by more than 12 per cent between the first half of 2025 and the first half of 2026, contributing to a 17 per cent increase in the economy’s dollar value.
“If sustained, along with the various social programmes of government, this will meaningfully strengthen dollar incomes, improve purchasing power and lift millions of Nigerians out of poverty,” he said.
The finance minister said the government’s reforms were beginning to produce results, but added that policy consistency would be critical to maintaining the progress.
“Nigeria is well positioned to consolidate its standing among Africa’s largest economies and advance toward the government’s target of a USD 1 trillion economy by 2030,” Oyedele said.
He also cited projections from the International Monetary Fund, which ranked Nigeria among the top 10 contributors to global real GDP growth in 2026.
The government’s economic outlook has, however, continued to face scrutiny from citizens and analysts who argue that improved macroeconomic figures must translate into better living conditions, lower costs and stronger household incomes.
Oyedele said the focus remains on ensuring that economic gains reach Nigerians, adding that the government is committed to “accelerating inclusive growth and translating these macroeconomic gains into shared prosperity for every Nigerian family.”
