The Federal Ministry of Finance disclosed on Tuesday that Nigeria’s economy remains resilient and continues to record accelerating growth, with real Gross Domestic Product for the second quarter of 2026 expanding by 4.43 per cent year-on-year, an improvement from 4.23 per cent recorded in Q2 2025 and 3.89 per cent in Q1 2026.

According to Vanguard, in an official statement by the Ministry, it said: “The strong Q2 2026 outturn lifted real GDP growth for the first half of 2026 to 4.16 per cent, up from 3.68 per cent in the corresponding period of 2025, a clear signal of sustained strengthening across the economy.”

It added that the growth recorded was not limited to a few sectors, stating: “Growth is also becoming more broad-based. In Q2 2026, 27 economic subsectors recorded real growth above 3.0 percent, up from 23 subsectors in Q2 2025, showing that expansion is no longer concentrated in a handful of industries.”

According to the Ministry, the productive sectors of the economy played a major role in driving this growth: “The productive sectors led the way. Manufacturing grew by 3.24 per cent, more than double the 1.60 per cent recorded in Q2 2025, reflecting improved industrial output. Agriculture expanded by 4.39 percent, up from 2.82 percent, underscoring stronger production and value-chain performance. Services, the largest driver of growth, expanded by 4.60 percent, up from 3.94 percent.”

The statement further noted that the appreciation of the naira contributed significantly to the scale of the growth when measured in dollar terms: “The relative stability and steady appreciation of the exchange rate further amplified these gains in dollar terms. The naira appreciated by more than 12 percent between H1 2025 and H1 2026, resulting in an expansion of the economy by approximately 17 percent in U.S. dollar terms over the period, a pace that, if sustained along with the various social programmes of the government, will meaningfully strengthen dollar incomes, improve purchasing power and lift millions of Nigerians out of poverty.”

On Nigeria’s economic standing on the continent and globally, the Ministry stated: “Given this momentum, Nigeria is well positioned to consolidate its standing among Africa’s largest economies and to advance toward the government’s target of a $1 trillion economy by 2030. The International Monetary Fund has already ranked Nigeria among the top 10 contributors to global real GDP growth in 2026, projecting the country to account for roughly 1.5 percent of world growth this year, ahead of several advanced and emerging economies.”

It further projected that sustaining current reforms could reposition Nigeria as the continent’s leading economy, saying: “Continued macroeconomic stability, sustained growth across productive sectors, and improving investor confidence would accelerate Nigeria’s progression toward becoming Africa’s largest economy by 2028.”

The Ministry concluded by emphasising the need to sustain ongoing economic reforms, stating: “These results underscore the importance of sustaining our reforms and ensuring policy consistency as their benefits begin to reach households across the country. The government remains focused on accelerating inclusive growth and translating these macroeconomic gains into shared prosperity for every Nigerian family.”