Nigeria’s GDP Grows 4.43% in Q2 2026, Government Targets $1tn Economy

Nigeria’s real Gross Domestic Product grew by 4.43% year-on-year in the second quarter of 2026, up from 4.23% in the same quarter of 2025 and 3.89% in Q1 2026. The Federal Ministry of Finance says the latest figure puts real GDP growth for the first half of 2026 at 4.16%, compared with 3.68% in the first half of 2025.

Broader Growth Across Sectors

The ministry said growth is becoming more broad-based. In Q2 2026, 27 economic subsectors recorded real growth above 3%, compared with 23 subsectors in Q2 2025. Manufacturing grew by 3.24%, more than double the 1.60% recorded in Q2 2025. Agriculture expanded by 4.39%, up from 2.82% in the corresponding quarter. The services sector, the largest contributor to economic activity, grew by 4.60%, compared with 3.94% in Q2 2025.

Naira Gains, Dollar Value Rises

The government attributed part of the improvement in the economy’s dollar value to relative exchange-rate stability and naira appreciation. It said the naira appreciated by more than 12% between the first half of 2025 and the first half of 2026. That resulted in an estimated 17% expansion in the size of the economy in US dollar terms over the period.

The statement said the development could strengthen dollar incomes and purchasing power if sustained, while supporting efforts to reduce poverty. It added that the latest growth figures place Nigeria in a stronger position to consolidate its place among Africa’s largest economies and move toward the Federal Government’s target of a $1 trillion economy by 2030.

IMF Projection and Policy Push

The International Monetary Fund was cited as projecting Nigeria among the top 10 contributors to global real GDP growth in 2026, with the country expected to account for about 1.5% of global growth during the year. The government said continued macroeconomic stability, sustained growth across productive sectors and improved investor confidence would be critical to accelerating Nigeria’s economic expansion.

“These results underscore the importance of sustaining our reforms and ensuring policy consistency as their benefits begin to reach households across the country,” the statement said. It added that the government remains focused on accelerating inclusive growth and translating the reported macroeconomic gains into improved living standards for Nigerians.

For the naira and Nigerian businesses, sustained exchange-rate stability and stronger dollar earnings could support importers and firms with foreign-currency obligations. But maintaining the pace depends on steady policy execution and investor confidence in the months ahead.