Market News

Taiwo Oyedele, minister of finance and coordinating minister of the economy, says recent economic gains have strengthened Nigeria’s prospects of achieving a $1 trillion gross domestic product (GDP) by 2030.

Oyedele spoke in a statement via X on Tuesday, following the release of the second-quarter 2026 GDP figures.

The minister said the economy’s growth has become more broad-based, with 27 economic subsectors recording real growth above 3 percent in the second quarter, compared with 23 subsectors in the corresponding period of 2025.

Oyedele said the improvement was reflected across major productive sectors.

“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,” the minister said.

Oyedele pointed to the appreciation of the naira as a factor that has increased 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.

The minister 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 said Nigeria could also move closer to becoming Africa’s largest economy if the current economic 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.

Speaking further, Oyedele cited an International Monetary Fund (IMF) projection that placed 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.

Oyedele added that the latest performance shows the importance of maintaining the government’s economic reforms and policy consistency, as their benefits begin to reach households across the country.

The minister said the government remains focused on ensuring that economic growth translates into broader improvements in living standards.

The latest GDP figures have also drawn a positive assessment from President Bola Tinubu, who said Nigeria’s economy was on an “irreversible path” to stronger growth.

Tinubu said the figures showed that his administration’s reforms were yielding results and that the government would now focus on translating stronger performance into improved living conditions.