The World Bank today released its latest Global Economic Prospects report, projecting that Nigeria will achieve 4.4 percent economic growth in both 2026 and 2027. This upgrade marks the country's strongest expansion in more than a decade and reflects ongoing macroeconomic reforms.
The World Bank raised its 2026 forecast from 3.7 percent to 4.4 percent. Similarly, it adjusted the 2027 projection from 3.8 percent to 4.4 percent. For 2025, the bank estimates a 4.2 percent growth rate, up from an earlier 3.6 percent prediction. These revisions highlight Nigeria's progress amid global challenges.
"Nigeria's economy strengthens as services expand and agriculture rebounds," stated the World Bank in its report. Non-oil industries also accelerate modestly. Additionally, the nation's transition to a net exporter of refined petroleum products boosts output. Macroeconomic stabilization and improved foreign exchange conditions further support this momentum.
President Bola Ahmed Tinubu's administration drives these reforms. As a result, international confidence surges. The Central Bank of Nigeria aligns with this outlook, forecasting 4.49 percent growth in 2026. Analysts from PwC and others project similar figures in the low to mid-4 percent range.
Nigeria's projected growth outpaces the global average of 2.6 percent. In Sub-Saharan Africa, the region expects 4.3 percent growth in 2026 and 4.5 percent in 2027. Nigeria emerges as a leader in the area.
However, challenges persist. The World Bank cautions that sustained reforms are essential to address poverty and create jobs. Population growth around 2.4-2.6 percent means per capita gains remain modest at 1.8-2.0 percent. Inflation eases, but high debt and limited fiscal space require careful management.
"This forecast validates our economic direction," said a government spokesperson. "We commit to building on this foundation for inclusive prosperity."
The report urges continued investment in security, infrastructure, and human capital. With these steps, Nigeria can overcome downside risks like weaker global demand and climate shocks.