Nigeria remains on course for $1trn economy by 2030, FG says

By Benson Daniel

Nigeria remains on track to achieve a $1 trillion economy by 2030, the Federal Government has said, pointing to stronger economic growth and improving macroeconomic conditions as evidence that the target remains achievable.

The renewed confidence comes after the economy recorded real GDP growth of 4.43 per cent in the second quarter of 2026, marking a significant improvement in economic activity and strengthening the government’s argument that its reform programme is beginning to deliver results.

The latest growth figure has also revived discussions around Nigeria’s long term economic ambition, with policymakers insisting that the country can sustain the pace of expansion required to significantly increase the size of its economy over the next four years.

The government’s position is based on improvements recorded across several parts of the economy, including stronger performance in the services sector, increased activity in the oil industry and continued expansion in other productive areas.

Special Adviser to the President on Policy and Coordination and Chairman of the Presidential Policy and Strategy Council, Hadiza Bala Usman, said the latest economic figures reflected a gradual strengthening of the country’s growth trajectory.

She said the progress recorded so far should be viewed within the broader reform programme aimed at creating a more stable environment for investment, production and business expansion.

The government has maintained that reforms in the foreign exchange market, fiscal policy, energy sector and other parts of the economy are necessary to lay the foundation for stronger and more sustainable growth.

The 4.43 per cent expansion recorded in the second quarter represented one of the strongest quarterly growth performances in recent years and came as businesses continued to adjust to the changing economic environment.

For the government, sustaining that momentum will be critical to achieving the $1 trillion target.

Nigeria’s economy must grow significantly in real terms while investment, productivity and private sector activity increase if the country is to reach the target within the proposed timeframe.

The government is also banking on improved investor confidence, higher domestic production and reforms designed to make the business environment more predictable.

The services sector remains a major contributor to economic output, while the oil sector has also shown signs of recovery following efforts to increase crude production and reduce losses associated with oil theft and operational disruptions.

However, analysts have continued to stress that stronger headline growth must translate into broader improvements in living standards.

High living costs, unemployment, weak purchasing power and infrastructure constraints remain major challenges for households and businesses, making the quality and inclusiveness of growth just as important as the headline GDP figure.

The government faces the additional task of attracting enough domestic and foreign investment to support expansion in manufacturing, agriculture, infrastructure, technology and other productive sectors.

Achieving the $1 trillion ambition will therefore require more than a temporary increase in GDP growth. It will depend on maintaining macroeconomic stability, improving productivity and creating conditions that allow businesses to expand and employ more workers.

Officials nevertheless believe the latest economic performance provides evidence that the country is moving in the right direction.

With four years remaining before the 2030 target, the government is expected to focus increasingly on sustaining growth, deepening reforms and ensuring that the benefits of economic expansion reach more Nigerians.