Tag: IMF

Nigeria’s economy expanded by 4.43 per cent year on year in the second quarter of 2026, up from 4.23 per cent in Q2 2025 and 3.89 per cent in Q1 2026, lifting first half real GDP growth to 4.16 per cent, up from 3.68 per cent over the same period last year, according to the Federal Ministry of Finance. The Ministry said growth is becoming more broad based, with 27 economic subsectors recording real growth above 3.0 per cent in Q2 2026, up from 23 subsectors in the same quarter last year, showing expansion is no longer concentrated in a handful of industries. Productive sectors led the way, with manufacturing growing by 3.24 per cent, more than double the 1.60 per cent recorded in Q2 2025, while agriculture expanded by 4.39 per cent, up from 2.82 per cent, and services, the largest driver of growth, expanded by 4.60 per cent, up from 3.94 per cent. The Ministry said steady appreciation of the naira, which strengthened by more than 12 per cent between H1 2025 and H1 2026, amplified these gains in dollar terms, expanding the economy by roughly 17 per cent in US dollar terms over the period, a pace it said could meaningfully strengthen dollar incomes and lift millions of Nigerians out of poverty if sustained. Citing IMF data ranking Nigeria among the top 10 contributors to global real GDP growth in 2026, projected to account for roughly 1.5 per cent of world growth this year, the Ministry said continued macroeconomic stability and investor confidence would accelerate Nigeria’s progression toward becoming Africa’s largest economy by 2028 and reaching the government’s target of a $1 trillion economy by 2030. By Asiwaju Adekunle Saheed