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Nigeria is on course to achieve a $1 trillion economy by 2030 following sustained economic growth, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said on his X page on Tuesday.
Oyedele, in a statement issued by the Federal Ministry of Finance, said the country’s real Gross Domestic Product grew by 4.43 per cent year-on-year in the second quarter of 2026, up from 4.23 per cent recorded in the corresponding quarter of 2025.
The latest growth figure also represents an improvement from the 3.89 per cent recorded in the first quarter of 2026.
According to the minister, the Q2 performance lifted 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.
Oyedele said the growth was becoming increasingly broad-based, noting that 27 economic subsectors recorded real growth of more than three per cent in the second quarter, compared with 23 subsectors in Q2 2025.
He attributed the performance to improvements across key productive sectors of the economy.
Manufacturing grew by 3.24 per cent in Q2 2026, more than double the 1.60 per cent recorded a year earlier, while agriculture expanded by 4.39 per cent, compared with 2.82 per cent in Q2 2025.
The services sector, which remains the largest contributor to economic activity, also recorded stronger growth, expanding by 4.60 per cent from 3.94 per cent in the corresponding period.
Oyedele further pointed to the relative stability and appreciation of the naira, saying the currency appreciated by more than 12 per cent between the first half of 2025 and the first half of 2026.
He said the exchange-rate movement contributed to an approximately 17 per cent expansion of the economy in US dollar terms over the period.
Oyedele argued that sustained growth, macroeconomic stability and continued reforms could strengthen Nigeria’s position among Africa’s largest economies and move the country closer to the Federal Government’s target of a $1 trillion economy by 2030.
He added that the International Monetary Fund had ranked Nigeria among the top 10 contributors to global real GDP growth in 2026, projecting that the country would account for about 1.5 per cent of global growth this year.
The minister said continued policy consistency, investor confidence and growth across productive sectors could also accelerate Nigeria’s emergence as Africa’s largest economy by 2028.
However, the government’s upbeat economic assessment has drawn scepticism from some Nigerians, who argue that headline GDP figures have yet to translate into noticeable improvements in their daily lives.
Reacting to the Minister statement on X, Oluwole Olofintuyi, a finance coach and analyst, said the figures would mean little to the average Nigerian unless the benefits of economic growth became visible in household living standards.
He urged the government to find ways of ensuring that improvements in the macroeconomic environment translate into tangible benefits for citizens.
Similarly, Adenugba Omolola questioned the value of achieving a trillion-dollar economy if a large proportion of Nigerians continued to live in poverty.
She also expressed concern about the strength of the naira, arguing that the country’s economic expansion should ultimately be reflected in better conditions for citizens.
Also speaking, Prince Adindu criticised what he described as the government’s emphasis on economic figures that do not necessarily reflect the realities faced by Nigerians.
He called on the government to conduct assessments across communities to determine whether the reported economic gains were improving citizens’ welfare.
The divergent reactions highlight the challenge facing the government: translating stronger macroeconomic indicators into higher real incomes, lower living costs, more jobs and improved purchasing power.
While the latest GDP figures suggest that economic activity is gaining momentum, Nigerians are increasingly demanding that growth be measured not only by the size of the economy but also by its impact on ordinary households.
