Suara Sherif
Nigeria’s economy expanded at a faster pace in the second quarter of 2026, with real Gross Domestic Product climbing 4.43 percent year on year, up from 4.23 percent in the same period last year and 3.89 percent in the first quarter.
The Federal Ministry of Finance said the strong showing lifted first-half growth to 4.16 percent, compared with 3.68 percent in the first half of 2025, signalling sustained momentum across the economy.
Growth is also broadening.
Twenty-seven economic subsectors posted real growth above 3 percent in Q2 2026, up from 23 a year earlier, indicating expansion is no longer limited to a few industries.
Key sectors delivered notable gains.
Manufacturing grew 3.24 percent, more than double the 1.60 percent recorded in Q2 2025.
Agriculture expanded 4.39 percent, up from 2.82 percent, while services—the largest contributor, grew 4.60 percent, compared with 3.94 percent previously.
The naira’s appreciation of more than 12 percent between the first half of 2025 and the first half of 2026 further boosted dollar denominated output, expanding the economy by roughly 17 percent in U.S. dollar terms.
The ministry said the pace, if sustained alongside government social programmes, could strengthen incomes, improve purchasing power and lift millions out of poverty.
The International Monetary Fund has ranked Nigeria among the top 10 contributors to global real GDP growth in 2026, projecting the country will account for about 1.5 percent of world growth this year.
The government remains focused on reforms and policy consistency to accelerate inclusive growth, with a target of becoming Africa’s largest economy by 2028 and reaching the $1 trillion milestone by 2030.
