Finance Ministry: Nigeria’s Economy Accelerates as GDP Growth Hits 4.43%

The Federal Ministry of Finance has said Nigeria’s economy is gaining stronger momentum, following a 4.43 per cent year-on-year expansion in real Gross Domestic Product (GDP) in the second quarter of 2026.

According to the ministry, the latest figure represents an improvement from the 4.23 per cent recorded in the corresponding quarter of 2025 and the 3.89 per cent growth achieved in the first quarter of 2026.

In a statement on Tuesday, the ministry said the stronger second-quarter performance pushed Nigeria’s real GDP growth for the first half of 2026 to 4.16 per cent, compared with 3.68 per cent in the first half of 2025.

It said the expansion was becoming increasingly broad-based, with 27 economic subsectors recording real growth of more than three per cent in Q2 2026, compared with 23 subsectors during the same period last year.

The ministry attributed the improvement to stronger performances across key productive sectors.
Manufacturing grew by 3.24 per cent, more than twice the 1.60 per cent recorded in Q2 2025, while agriculture rose to 4.39 per cent from 2.82 per cent.

The services sector, which remains the largest contributor to economic activity, also expanded by 4.60 per cent, compared with 3.94 per cent in the corresponding period of 2025.

The ministry further highlighted the relative stability and appreciation of the naira, saying the currency gained more than 12 per cent between the first half of 2025 and the first half of 2026.

It said the exchange-rate improvement contributed to an estimated 17 per cent expansion of the Nigerian economy in US dollar terms over the period.

According to the ministry, sustaining the trend alongside government social programmes could improve dollar-denominated incomes, strengthen purchasing power and help reduce poverty.

It also said the latest growth figures positioned Nigeria to consolidate its place among Africa’s largest economies and make progress towards the Federal Government’s ambition of achieving a $1 trillion economy by 2030.

The ministry noted that the International Monetary Fund had projected Nigeria among the top 10 contributors to global real GDP growth in 2026, with the country expected to account for about 1.5 per cent of global growth.

It expressed optimism that continued macroeconomic stability, sustained expansion in productive sectors and stronger investor confidence could accelerate Nigeria’s emergence as Africa’s largest economy by 2028.

The ministry stressed that maintaining policy consistency and continuing the ongoing economic reforms would be critical to ensuring that the benefits of growth translate into improved living standards for Nigerians.

“The government remains focused on accelerating inclusive growth and translating these macroeconomic gains into shared prosperity for every Nigerian family,” it said.