Nigeria remains on track for $1tn economy by 2030, FG says

The Federal Government has maintained that Nigeria remains on course to achieve its $1 trillion economy target by 2030, following stronger economic growth recorded in the second quarter of 2026.

Real gross domestic product (GDP) grew by 4.43 per cent in Q2 2026, up from 4.23 per cent in the corresponding quarter of 2025 and 3.89 per cent in the first quarter of the year.

Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed the figures in a statement, noting that the latest performance lifted real GDP growth for the first half of 2026 to 4.16 per cent, compared with 3.68 per cent in the same period of 2025.

According to Oyedele, the expansion is also becoming more broad-based, with 27 economic subsectors recording real growth above three per cent during the quarter, compared with 23 subsectors in Q2 2025.

Manufacturing, agriculture support growth

The minister said productive sectors contributed to the stronger performance, with manufacturing growth increasing to 3.24 per cent in Q2 from 1.6 per cent a year earlier.

Agriculture also recorded stronger growth, expanding by 4.39 per cent compared with 2.82 per cent in the corresponding period of 2025.

The services sector remained the largest contributor to economic growth, expanding by 4.6 per cent during the quarter, up from 3.94 per cent in Q2 2025.

Oyedele also linked the increase in Nigeria’s economy in dollar terms to the relative stability and appreciation of the naira.

He said the currency appreciated by more than 12 per cent between the first half of 2025 and the first half of 2026, contributing to an estimated 17 per cent increase in the size of the economy in dollar terms over the period.

The minister said sustained growth, alongside social intervention programmes, could help strengthen dollar incomes, improve purchasing power and reduce poverty.

He added that maintaining the current momentum would support Nigeria’s position among Africa’s largest economies and advance the government’s ambition of building a $1 trillion economy by 2030.

Oyedele also cited the International Monetary Fund’s projection that Nigeria would rank among the 10 largest contributors to global real GDP growth in 2026, accounting for approximately 1.5 per cent of global growth.

Telecoms deepen digital economy contribution

The information and communications technology sector is also playing an increasingly important role in Nigeria’s economic expansion, with telecommunications accounting for a significant share of the sector’s contribution to GDP.

The National Bureau of Statistics reported that the ICT sector contributed 16.35 per cent to real GDP in Q2 2026, while telecommunications alone accounted for about 9.72 per cent.

The performance reflects the growing role of digital connectivity in economic activity, as mobile payments, e-commerce, digital banking, remote work and other technology-enabled services become increasingly embedded in business and consumer activity.

The telephony industry contributed approximately N5.2 trillion, equivalent to about $3.8 billion, to Nigeria’s real GDP during the quarter, further highlighting the importance of telecommunications infrastructure to the wider economy.

Rising mobile adoption, increased data consumption and investments in network infrastructure have continued to strengthen the sector’s role as an enabler of productivity and digital inclusion.

MTN expands broadband reach

Against this backdrop, MTN Nigeria is seeking to address connectivity gaps with the expansion of its FlyX broadband solution.

The service uses a combination of outdoor and indoor units powered by MTN’s 4G and 5G networks. The outdoor units are designed to capture stronger signals in locations where indoor reception is weak or fibre connectivity is unavailable.

The solution is intended to extend reliable, high-speed internet access to households and small businesses, particularly in urban, peri-urban and underserved locations where fibre deployment remains challenging.

With demand for consistent connectivity increasing among households, entrepreneurs and remote workers, the plug-and-play solution is designed to minimise installation requirements and provide faster access to broadband services.

MTN Nigeria’s Chief Broadband Officer, Egerton Idehen, said the company was focused on developing solutions that address practical connectivity challenges.

“At MTN, our focus is on building solutions that respond to real connectivity challenges. FlyX is a clear example of how we are using our network strength to rethink broadband delivery, making it faster to deploy, easier to access and more responsive to the needs of Nigerians,” Idehen said.

The continued expansion of telecommunications and digital infrastructure could provide an important foundation for Nigeria’s broader economic ambitions, particularly as the government seeks to sustain growth across productive sectors and accelerate the transition towards a more digitally enabled economy.