Nigeria is strengthening its push towards a $1 trillion economy by 2030, with the Federal Government pointing to stronger economic growth and a more broad-based expansion across key sectors. Real Gross Domestic Product (GDP) grew by 4.43 per cent in the second quarter of 2026, up from 4.23 per cent recorded in the same period of 2025 and 3.89 per cent in the first quarter of 2026.
Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the latest figures raised Nigeria’s real GDP growth for the first half of 2026 to 4.16 per cent, compared with 3.68 per cent in the corresponding period of 2025. He noted that 27 economic subsectors recorded growth above three per cent in the second quarter, compared with 23 subsectors in the same period last year, signalling a wider spread of economic activity.
The productive sectors also recorded stronger performances, with manufacturing growth rising to 3.24 per cent from 1.6 per cent, while agriculture expanded by 4.39 per cent from 2.82 per cent. Services remained the biggest contributor to growth, expanding by 4.6 per cent during the quarter. Oyedele also attributed part of the increase in Nigeria’s economy in dollar terms to the relative stability and appreciation of the naira, which gained more than 12 per cent between the first half of 2025 and the first half of 2026.
Beyond the traditional sectors, telecommunications is playing an increasingly important role in Nigeria’s economic expansion. The ICT sector contributed 16.35 per cent to GDP in Q2 2026, with telecommunications accounting for about 9.72 per cent of that contribution. The telephony industry alone contributed approximately N5.2 trillion ($3.8 billion) to real GDP, highlighting how mobile connectivity, digital payments, e-commerce and remote work are becoming increasingly important to businesses and households.
The growth of the digital economy is also attracting fresh investment in broadband infrastructure. MTN Nigeria has unveiled its FlyX broadband solution, designed to extend reliable high-speed internet access to homes and small businesses, particularly in areas where fibre connectivity remains limited. With Nigeria seeking to sustain its current growth momentum, the Federal Government believes stronger economic activity, improving digital infrastructure and continued sectoral expansion could help move the country closer to its ambitious $1 trillion economy target by 2030.
source: The guardian
