Federal government says stronger GDP growth and economic reforms are positioning Nigeria to achieve its $1tn economy target by 2030.
Inspired by the second quarter (Q2) real Gross Domestic Product (GDP) growth of 4.43 per cent, up from 3.89 per cent in the preceding quarter, the federal government has declared that Nigeria was well positioned to consolidate its standing among Africa’s largest economies and to advance toward its target of a $ 1 trillion economy by 2030.
The Federal Ministry of Finance conveyed government’s position via a statement issued on Tuesday, following the latest economic growth statistics released by the National Bureau of Statistics (NBS), Monday.
This comes as President Bola Tinubu said his administration must translate macroeconomic stability into microeconomic prosperity in the next phase of Renewed Hope.
The President stressed that the country’s macroeconomic stability must translate to more food, more jobs, lower inflation, affordable credit, reliable power, more manufacturing, greater exports and stronger purchasing power.
Also on Tuesday, the Ooni of Ife, Oba Enitan Adeyeye Ogunwusi, declared that the intention of President Tinubu to end poverty in the country would soon be materialised with the various programmes and policies put in place by the federal government to alleviate poverty.
The ministry, in its statement noted that Nigeria’s economy continued to demonstrate resilience and accelerating growth with the second quarter 2026 real GDP expanding by 4.43 per cent year-on-year, up from 4.23 per cent in Q2 2025 and 3.89 per cent in Q1 2026.
It added: “The strong Q2 2026 outturn lifted real GDP growth for the first half of 2026 to 4.16 per cent, up from 3.68 per cent in the corresponding period of 2025, a clear signal of sustained strengthening across the economy.
“Growth is also becoming more broad-based. In Q2 2026, 27 economic subsectors recorded real growth above 3.0 per cent, up from 23 subsectors in Q2 2025, showing that expansion is no longer concentrated in a handful of industries.
“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.”
It added that the relative stability and steady appreciation of the exchange rate further amplified the gains in dollar terms, adding that the naira appreciated by over 12 per cent between half-year 2025 and half-year 2026, resulting in an expansion of the economy by approximately 17 per cent in U.S. dollar terms over the period.
According to the statement, if sustained alongside the various social programmes of the government, the pace would 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 $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,” the ministry stated.
It further explained that the 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, the government added, underscored the importance of sustaining ongoing reforms and ensuring policy consistency, as their benefits begin to reach households across the country.
“The government remains focused on accelerating inclusive growth and translating these macroeconomic gains into shared prosperity for every Nigerian family,” it said.
Tinubu: We Must Translate Macroeconomic Stability into Prosperity
Meanwhile, President Tinubu has said his administration must translate macroeconomic stability into microeconomic prosperity in the next phase of Renewed Hope.
Tinubu who was represented by the National Chairman of the APC, Prof. Nentawe Yilwatda, disclosed this at the Second edition of the Asiwaju Scorecard Series/Asiwaju Policy Roundtable held on Tuesday, in Abuja.
He recalled that when he assumed office on 29 May 2023, Nigeria faced a difficult economic inheritance, especially with fuel subsidy distortions, multiple exchange-rate windows, weak revenue mobilisation, foreign-exchange shortages, rising debt-service pressures and years of inadequate investment in critical infrastructure.
The President said he understood that Nigeria could not continue on that trajectory and therefore took difficult decisions, including the removal of the fuel subsidy and the reform of the foreign-exchange market.
Tinubu added that the evidence increasingly shows that the foundation was strengthening, with Nigeria’s gross external reserves at about $52.7 billion by August 2026.
He emphasised that consolidated non-oil revenue increased from approximately N13.63 trillion in 2023 to N16.4 trillion in the first two quarters of 2026, demonstrating the growing contribution of non-oil sources to government revenue.
Tinubu stated: “Our trade position has also improved dramatically: from a merchandise trade surplus of only about N44.8 billion for the whole of 2023 to approximately N7.54 trillion in the first quarter of 2026 alone.
“Real GDP grew by 4.43 percent in Q2 2026, while inflation has fallen significantly from its earlier peak to about 15.4 percent.
“These figures do not mean that our economic challenges have disappeared, but they demonstrate that the direction of travel has changed. And let me emphasise: macroeconomic stability is not the destination; it is the foundation.
“The ultimate test is when stability translates into cheaper food, more jobs, affordable credit, reliable electricity and greater purchasing power for Nigerians.
“Most Nigerians have asked, why the ambitious $1 trillion economy by Mr. President? The $1 trillion economy is not merely a number, but a national mission: a Nigeria that produces more, exports more, attracts more investment, creates more jobs and gives its young people a greater stake in the future.
“You cannot build a $1 trillion economy on inadequate infrastructure. That is why the Renewed Hope Agenda places major emphasis on strategic highways, railways, ports, energy infrastructure and digital connectivity. But we must think beyond individual projects.”
Tinubu said Nigeria must now take full advantage of its enormous maritime opportunity by developing an integrated five-port maritime and logistics corridor.
According to him, “Our strategic ambition should be to develop and connect five major deep-sea ports at Lagos, Ondo, Ibom, Port Harcourt and Calabar, linking them by modern rail and road infrastructure, with the Lagos-Calabar Coastal Super Highway serving as the principal coastal road spine.”
The President stressed that vision does not stop at the coastline, saying the Western Corridor would connect the maritime gateways to the interior through the Lagos–Abuja–Kaduna–Kano rail corridor, complemented by the Sokoto–Badagry Super Highway, thereby opening a direct trade route from the Atlantic coast to the markets of the Northwest and the Sahel.
He explained that the Eastern Corridor would connect the eastern maritime gateways through the Port Harcourt–Abuja–Kaduna–Kano rail corridor, complemented by the proposed Calabar–Maiduguri Trans-Sahara Super Highway, creating a second major east-to-north trade route.
“In this way, Nigeria can create an integrated national transport system in which our five deep-sea ports are connected to one another, connected to our major cities and production centres, and connected ultimately to the landlocked markets of Niger, Chad, Burkina Faso, Sudan and the Central African Republic.
“This is how Nigeria can move beyond being simply a coastal trading nation to becoming the maritime gateway and logistics hub of West and Central Africa, capturing a much larger share of the continent’s trade, logistics, manufacturing and distribution value chain.
“That is more than transportation infrastructure, but a trade architecture. It would generate opportunities in logistics, warehousing, freight forwarding, customs, banking, insurance, manufacturing, distribution and agro-processing.”
The President said it would create jobs, generate foreign exchange and strengthen Nigeria’s position as a regional commercial hub.
Tinubu noted that his administration would develop industrial parks, export-processing zones, logistics parks, agro-processing clusters and manufacturing centres along these corridors.
He said: “Where rail reaches an agricultural region, processing industries should follow. Where it reaches mineral resources, processing and manufacturing should follow.
“Where dry ports are established, logistics and distribution businesses should develop around them. This is how infrastructure becomes an engine of economic growth.
“Our ambition must extend beyond individual ports to a genuinely integrated maritime economy covering port operations, shipping, maritime logistics, ship repair, marine services, maritime finance, insurance, fisheries, aquaculture, offshore energy, coastal tourism and marine technology.”
The president pointed out that a good GDP number does not automatically put food on a family’s table, while stronger reserves do not pay school fees and a stronger stock market does not automatically put money into the pocket of a market woman.
He added: “Therefore, we are in the next phase of Renewed Hope which must translate macroeconomic stability into microeconomic prosperity: more food, more jobs, lower inflation, affordable credit, reliable power, more manufacturing, greater exports and stronger purchasing power.
“As we approach 2027, Nigerians will hear many promises. Some will promise to reverse the reforms; others will promise prosperity without confronting the structural problems that brought us here.
“The question is whether we go backwards or consolidate and improve the progress we have begun.
“Do we abandon infrastructure investment or accelerate it? Do we discourage investors or make Nigeria one of Africa’s preferred investment destinations? Do we allow our ports to serve primarily our domestic economy or position Nigeria as a maritime gateway to the wider African hinterland?
“For the APC, the answer is clear. We choose progress, productivity, investment, infrastructure, innovation, Nigerian enterprise, exports, human capital, and we choose President Bola Ahmed Tinubu. And we choose the ambition of a $1 trillion Nigerian economy by 2030 by Mr. President for our common prosperity.”
Earlier, the Chairman, Board of Trustees (BOT), APC Professional Forum, Dr. Isa Yuguda, said the 2027 presidential election should be about issues, achievements, and realistic solutions.
He stressed that one of the most significant reforms of the Tinubu administration was the removal of fuel subsidy.
The former Governor of Bauchi State said to understand this decision, Nigerians must appreciate its historical context.
According to him, “as Chairman of the Fuel Subsidy Task Force in 2009, I led a committee that examined the subsidy regime and uncovered serious irregularities, fraudulent practices, and financial leakages that placed a huge burden on the Nigerian economy.”
Yuguda explained that the subsidy system had become inefficient and consumed enormous public resources that could have been invested in education, security, agriculture, healthcare, infrastructure, and other productive sectors.
Its removal, he added, was therefore a difficult but necessary reform intended to redirect national resources towards long-term development.
Yuguda noted that President Tinubu demonstrated the political courage to implement a reform that previous administrations had acknowledged as necessary but could not fully execute.
He said: “The additional fiscal space created by the subsidy reform has strengthened the capacity of the federal, state, and local governments to address critical national priorities, with over N15 trillion reportedly saved following the removal of fuel subsidy.
“In the education sector, the Nigerian Education Loan Fund (NELFUND) is expanding access to higher education and reducing financial barriers for students. In the security sector, increased funding, improved operational support, and substantial investment in modern equipment are strengthening the capacity of the armed forces and other security agencies to protect lives, property, and strategic national assets.
“Nevertheless, Nigeria continues to confront serious security challenges arising partly from instability in some neighbouring countries, porous borders, and the cross-border movement of armed groups and criminal networks into Nigerian territory.
“These external pressures have complicated the federal government’s security efforts and, in some instances, enabled terrorist and criminal elements to infiltrate communities and perpetrate violence.
“The administration must therefore continue strengthening border security, intelligence gathering, regional security cooperation, surveillance capabilities, and the operational capacity of security agencies to consolidate the progress already being recorded.
“As we approach the 2027 elections, Nigerians must carefully evaluate political promises, particularly those relating to the return of fuel subsidy. The proposal by former Vice President Alhaji Atiku Abubakar to restore subsidy may appear attractive to citizens seeking immediate relief, but it must be examined against our national experience.
“The old subsidy regime was associated with massive leakages, fraudulent claims, inefficiency, and a significant drain on public finances.
“Presenting a return to that system without clearly addressing these problems risks misleading Nigerians for short-term political gain and could reverse the fiscal space now supporting critical national investments.
“Every Nigerian has the democratic right to present alternative policies, but economic choices must be guided by facts, experience, sustainability, and the long-term interest of the country.
“Having chaired the 2009 Fuel Subsidy Task Force and witnessed the weaknesses of that system firsthand, I believe Nigerians deserve an honest conversation about what subsidy truly cost the nation and what can now be achieved when those resources are directed towards education, security, agriculture, infrastructure, and other areas that improve citizens’ lives.”
