Nigeria’s economy recorded its fastest quarterly growth in five years in the second quarter of 2026, with real Gross Domestic Product (GDP) expanding by 4.43 per cent year-on-year, according to data confirmed by the National Bureau of Statistics (NBS).

The Federal Ministry of Finance said the strong economic performance, combined with a stabilising naira, translated into an even more significant 17 per cent year-on-year increase in the dollar value of the economy, strengthening Nigeria’s push towards its target of becoming a $1 trillion economy by 2030.

The Q2 2026 growth rate surpassed the 4.23 per cent recorded in the corresponding period of 2025 and the 3.89 per cent growth posted in the first quarter of 2026. The performance lifted Nigeria’s first-half growth to 4.16 per cent, compared with 3.68 per cent recorded in the first half of 2025.

Nominal GDP rose to ₦119.29 trillion during the quarter, up from ₦100.73 trillion recorded in the same period last year.

Naira Appreciation Boosts Dollar Value of Economy

According to the Ministry of Finance, the naira appreciated by more than 12 per cent between the first half of 2025 and the first half of 2026, moving from levels above ₦1,500 to the dollar to a range of about ₦1,338–₦1,365 by mid-August.

The improvement was supported by Nigeria’s rising external reserves, which reached a record $53.34 billion.

The combination of stronger real economic growth and the appreciation of the naira pushed the dollar-denominated size of Nigeria’s economy higher by approximately 17 per cent over the period.

“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,” the Federal Ministry of Finance said.

The Ministry also noted that the International Monetary Fund has ranked Nigeria among the world’s top 10 contributors to global real GDP growth in 2026, projecting that the country will account for about 1.5 per cent of global growth this year.

Broad-Based Growth Across Key Sectors

The latest figures showed that economic growth was spread across a wider range of sectors, with 27 subsectors recording growth above 3 per cent in the second quarter of 2026, compared with 23 subsectors in the corresponding period of 2025.

The services sector, which accounts for 56.62 per cent of Nigeria’s GDP, expanded by 4.60 per cent, up from 3.94 per cent a year earlier.

Agriculture accelerated to 4.39 per cent from 2.82 per cent, while manufacturing more than doubled its growth rate to 3.24 per cent from 1.60 per cent.

The Ministry of Finance said continued macroeconomic stability, sustained expansion across productive sectors and improving investor confidence could accelerate Nigeria’s economic transformation.

“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 said.

It added that the latest performance underscores the importance of sustaining ongoing reforms and maintaining policy consistency to ensure that economic gains 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,” the Ministry stated.