The World Bank upgraded its prediction for Nigeria’s economic growth to 4.4% for 2026 and 2027, saying on Tuesday, that the country’s economy is expected to develop at its quickest rate in over ten years.
This was revealed in the World Bank’s most recent Global Economic Prospects report. The most recent growth projections are 0.7 and 0.6 percentage points higher than the 3.7% and 3.8% in June 2026. The country’s emergence as a net exporter of refined petroleum products, a slight rebound in agriculture, and the growth of the services sector; particularly the financial and information and communication technology sectors, were the main drivers of the gain.
With a slight acceleration in the non-oil industry, it is expected that this further firming of growth will be supported by a sustained expansion in services and a recovery in agricultural output. It is anticipated that conservative monetary policy and economic changes, such as those in the tax system, will sustain activity. They are also anticipated to lower inflation even further and boost investor confidence. It is also projected that increased oil production will counteract falling global oil prices, strengthening the external balance and increasing fiscal income.
The World Bank did warn, though, that maintaining the momentum will necessitate resolving long-standing structural issues. Nigeria established fiscal regulations in 2007 to lessen the country’s reliance on the volatility of oil revenue, but implementation has historically been hampered by poor institutional structures, leading to an inconsistent record on fiscal discipline.
The World Bank stated that the goal of current reform initiatives is to address these structural obstacles in order to guarantee that the anticipated growth is inclusive and long-lasting.
