Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, says Nigeria’s recent economic growth has strengthened the country’s prospects of achieving a $1 trillion gross domestic product (GDP) by 2030.
Oyedele said this in a statement on Tuesday following the release of Nigeria’s second-quarter 2026 GDP figures.
The minister said economic growth had become more broad-based, with 27 economic subsectors recording real growth above three per cent in Q2 2026, compared with 23 subsectors during the same period in 2025.
He said the improvement was reflected across major productive sectors, with manufacturing growing by 3.24 per cent from 1.60 per cent in Q2 2025. Agriculture expanded by 4.39 per cent, up from 2.82 per cent, while services, the largest driver of growth, rose by 4.60 per cent from 3.94 per cent.
“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 per cent, up from 2.82 per cent, underscoring stronger production and value-chain performance. Services, the largest driver of growth, expanded by 4.60 per cent, up from 3.94 per cent,” Oyedele said.
He also pointed to the appreciation of the naira as a factor behind the increase in the size of the economy when measured in US dollars.
“The naira appreciated by more than 12 per cent between H1 2025 and H1 2026, resulting in an expansion of the economy by approximately 17 per cent in U.S. dollar terms over the period,” he said.
Oyedele said sustaining the trend alongside government social programmes could “meaningfully strengthen dollar incomes, improve purchasing power and lift millions of Nigerians out of poverty.”
“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 USD 1 trillion economy by 2030,” he said.
The minister added that Nigeria could move closer to becoming Africa’s largest economy if the current improvements are sustained.
“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,” he said.
Oyedele also cited an International Monetary Fund (IMF) projection ranking Nigeria among the top 10 contributors to global real GDP growth in 2026.
“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 per cent of world growth this year, ahead of several advanced and emerging economies,” he said.
He said the latest performance underscored the importance of maintaining economic reforms and policy consistency, adding that the government remained focused on ensuring that economic growth translates into improved living standards for Nigerians.
President Bola Tinubu also welcomed the latest GDP figures, describing Nigeria’s economy as being on an “irreversible path” to stronger growth. He said the figures indicated that his administration’s reforms were yielding results, while stressing the need to translate stronger economic performance into improved living conditions.
Source: Taiwo Oyedele
