Oyedele: Nigeria on track for $1trn economy by 2030 as GDP grows 4.43%

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, says Nigeria remains on course to become a trillion-dollar economy by 2030, in response to fresh figures from the National Bureau of Statistics showing that the economy grew by 4.43 per cent in the second quarter of 2026.

The NBS report, released yesterday, showed that the economy expanded by 4.43 per cent between April and June this year, up from 4.23 per cent in the same period last year and 3.89 per cent in the first three months of 2026. Reacting to the figures, Oyedele said they show the economy is not only holding steady but picking up speed.

Put together, the first six months of 2026 produced average growth of 4.16 per cent, better than the 3.68 per cent recorded over the same period last year, a trend the Minister described as a clear sign that the economy is strengthening. He also pointed to how widely the growth is spread.

According to him, 27 different sectors of the economy grew by more than 3 per cent in the second quarter, up from 23 sectors a year earlier, showing that more industries, not just a handful of favoured ones, are now driving the economy forward.

Factories did particularly well. Manufacturing grew by 3.24 per cent, more than double the previous year. Farming also improved, growing by 4.39 per cent, up from 2.82 per cent. Services, which remain the biggest part of the economy, grew by 4.60 per cent, up from 3.94 per cent.

The naira also featured in the Minister’s reaction. It gained more than 12 per cent in value between the first half of 2025 and the first half of this year. As a result, when the size of the economy is measured in dollars rather than naira, it grew by about 17 per cent, a much faster pace. Oyedele said that if this trend continues, along with government support programmes, it should gradually put more real money in people’s pockets and help lift many Nigerians out of poverty.

It is this combination of numbers, broader growth, a stronger naira and a bigger dollar economy that, the Minister said, gives him confidence that Nigeria can still hit its target of a trillion-dollar economy by 2030.

He also referred to the International Monetary Fund, which listed Nigeria among the ten countries expected to contribute the most to global growth this year, estimating that Nigeria alone could account for about 1.5 per cent of the world’s total growth in 2026, ahead of several richer countries.

Oyedele added that if the government can keep the economy stable, keep farms and factories growing, and keep investors confident, Nigeria could become Africa’s largest economy again by 2028.

Even so, the Minister said the numbers are not the final goal. He said the results show why the country must stay committed to its reforms and keep its policies steady, so the benefits reach ordinary households and don’t remain figures in a government report.

He said the government’s main focus now is to ensure this growth translates into better lives for Nigerian families.