BY COBHAM NSA – The Federal Government is upbeat that the nation’s economy accelerated to its fastest second-quarter expansion in five years, hitting a 4.43 percent year-on-year growth rate as agriculture and services sectors fueled a mid-year economic surge.
Fresh data from the National Bureau of Statistics (NBS) revealed a steady, upward trajectory for the continent’s most populous nation, eclipsing the 4.23 percent growth recorded in the second quarter of 2025 and outpacing a 3.89 percent expansion in the opening months of 2026.
A statement from the Federal Ministry of Finance said this high-octane second-quarter performance effectively supercharged the country’s first-half scorecard, driving real GDP growth for the first six months of 2026 up to 4.16 percent.
Additionally, the figures outpaced the 3.68 percent tracked during the same period last year, signaling a broad-based strengthening across key domestic sectors and delivering a much-needed victory for current economic reforms.
The statement indicated that growth is also becoming more broad-based as Q2 2026 saw 27 economic sub-sectors recording real growth above 3.0 per cent, up from 23 sub-sectors witnessed in Q2 2025, showing that expansion is no longer concentrated in a handful of industries.
Leading the way are the productive sectors where manufacturing grew by 3.24 per cent, more than double the 1.60 per cent recorded in Q2 2025, reflecting improved industrial output, even as Agriculture expanded by 4.39 per cent, up from 2.82 per cent, underscoring stronger production and value-chain performance, while Services, the largest driver of growth, expanded by 4.60 per cent, up from 3.94 per cent.
The Ministry also said: “The relative stability and steady appreciation of the exchange rate further amplified these gains in dollar terms. 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, a pace that, if sustained along with the various social programmes of the Government, will meaningfully strengthen dollar incomes, improve purchasing power and lift millions of Nigerians out of poverty.”
It further stated that: “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 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.”
According to the statement: “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.
“These results underscore the importance of sustaining our reforms and ensuring policy consistency as their benefits begin to reach households across the country.”
However, the Finance Ministry maintained that these macroeconomic victories are meaningless if left on paper, assuring that the government’s true focus remains locked on accelerating inclusive growth to ensure top-line economic progress directly translates into tangible, shared prosperity for every Nigerian household
