Nigeria’s economic growth accelerated in the second quarter of 2026, with real Gross Domestic Product (GDP) expanding by 4.43 per cent year-on-year, according to the Federal Ministry of Finance.
The latest performance represents an improvement on the 4.23 per cent growth recorded in the corresponding quarter of 2025 and the 3.89 per cent recorded in the first quarter of 2026.
The ministry, in a statement issued in Abuja on Tuesday, said the latest figures point to a strengthening and increasingly broad-based expansion of economic activity as the Federal Government continues to implement its ongoing economic reforms.
The Q2 performance also lifted Nigeria’s real GDP growth for the first half of 2026 to 4.16 per cent, compared with 3.68 per cent recorded during the first half of 2025.
The ministry said the improvement was particularly significant because growth was becoming less concentrated in a limited number of sectors.
According to the statement, 27 economic subsectors recorded real growth of more than three per cent in the second quarter of 2026, compared with 23 subsectors that achieved the same level of growth in Q2 2025.
The development, the ministry said, indicates that the expansion is spreading across a wider range of economic activities.
Manufacturing was among the sectors that recorded a notable improvement during the period.
The sector grew by 3.24 per cent in Q2 2026, more than twice the 1.60 per cent recorded in the corresponding period of 2025.
The ministry linked the manufacturing performance to improved industrial output, suggesting that the sector is beginning to respond more positively to the changing economic environment.
Agriculture also recorded stronger growth, expanding by 4.39 per cent in the second quarter, compared with 2.82 per cent in Q2 2025.
The ministry said the agricultural performance reflected stronger production and improvements across related value chains.
Services, which remain the largest driver of economic activity in Nigeria, also strengthened during the quarter, recording growth of 4.60 per cent compared with 3.94 per cent in the same quarter of 2025.
The combined performance of manufacturing, agriculture and services points to a more diversified pattern of expansion, with productive sectors contributing more significantly to overall economic growth.
The Finance Ministry also attributed part of the improvement in Nigeria’s economic position in dollar terms to relative stability and appreciation of the naira.
According to the statement, the naira appreciated by more than 12 per cent between the first half of 2025 and the first half of 2026.
The ministry said the currency movement contributed to an estimated 17 per cent expansion of the Nigerian economy in US dollar terms over the period.
It argued that sustained improvements in economic output, combined with exchange-rate stability and government social programmes, could strengthen dollar incomes and purchasing power while contributing to efforts to reduce poverty.
The government is now looking beyond the immediate growth figures, with the latest performance being presented as evidence that Nigeria remains on course towards its ambitious target of becoming a $1 trillion economy by 2030.
The ministry said the country was well positioned to consolidate its position among Africa’s largest economies as economic activity continues to expand.
It also cited projections by the International Monetary Fund, which has placed Nigeria among the top 10 contributors to global real GDP growth in 2026.
According to the ministry, the IMF projects Nigeria to account for approximately 1.5 per cent of global economic growth during the year, putting the country ahead of several advanced and emerging economies in terms of its contribution to worldwide expansion.
The Federal Government further projected that continued macroeconomic stability, stronger productive-sector performance and improving investor confidence could accelerate Nigeria’s rise towards becoming Africa’s largest economy by 2028.
The government, however, acknowledged that the headline growth figures must ultimately translate into improved living conditions for ordinary Nigerians.
The ministry stressed the need for policy consistency and sustained implementation of the government’s reform programme as the benefits of economic expansion gradually reach households and businesses.
It said the administration remained focused on ensuring that economic growth was inclusive and translated into broader prosperity rather than being reflected only in national economic statistics.
The latest GDP figures come against the backdrop of far-reaching economic reforms introduced by the Bola Tinubu administration, including changes to foreign-exchange management, fuel subsidy policy and fiscal measures aimed at strengthening government revenues and stabilising the broader economy.
While the government views the latest growth figures as evidence that the reforms are beginning to produce results, the ultimate test will be whether stronger GDP growth translates into increased employment, improved household purchasing power, lower poverty levels and greater opportunities for businesses.
For now, the Finance Ministry is presenting the 4.43 per cent Q2 growth and the 4.16 per cent first-half performance as evidence of an economy gaining momentum, with the administration maintaining its ambition of building a $1 trillion economy by 2030.
The ministry’s message is captured in its declaration: Nigeria is rising.
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