Minister of finance and coordinating minister of the economy, Taiwo Oyedele, has said that Nigeria’s prospects of achieving a $1 trillion gross domestic product (GDP) by 2030 remain high.
Oyedele made the assertion in a statement on X, on Tuesday, following the release of the second-quarter 2026 GDP figures.
According to him, recent economic gains have strengthened the prospects.
He 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.
He cited 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,” the minister said.
Oyedele added that 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.
