Nigeria Set For Decade-High Economic Growth, According To World Bank

According to Ireporter Online, Nigeria’s economy is poised to achieve its fastest growth in more than a decade, with the World Bank forecasting a 4.4 per cent expansion in both 2026 and 2027. This projection was detailed in the Global Economic Prospects report released by the institution in January 2026.

The World Bank upgraded Nigeria’s 2026 growth estimate from 3.7 per cent, as projected in its June 2025 report, while maintaining the 2027 forecast at 4.4 per cent. The revision reflects sustained optimism about the country’s medium-term economic outlook, driven by improving macroeconomic fundamentals despite ongoing structural challenges.

The Bank attributed the projected growth to robust expansion in the services sector, a recovery in agricultural production, and modest acceleration in non-oil industrial activities. Services and agriculture are expected to remain the key pillars supporting Nigeria’s economic performance over the forecast period, signaling gradual progress in economic diversification and reduced reliance on crude oil exports.

Ongoing economic reforms, particularly within the tax system, combined with prudent monetary policy, are expected to bolster economic activity and macroeconomic stability, while improving investor confidence and helping to curb inflation. The report also noted that higher oil production is likely to offset the impact of lower international oil prices, supporting government revenues and strengthening the country’s external balance.

The World Bank’s positive outlook coincides with signs of recovery in Nigeria’s economy. Data from the National Bureau of Statistics indicated that real GDP grew by 3.46 per cent year-on-year in the third quarter of 2025, reflecting gains across key sectors. Analysts believe that continued growth in services and agriculture could create jobs, stabilize prices, and expand the government’s revenue base over time.

On a regional scale, economic growth in Sub-Saharan Africa is expected to reach 4.3 per cent in 2026, supported by reforms, resilient domestic investment, and easing inflation. Globally, growth is projected at 2.6 per cent in 2026, rising slightly to 2.7 per cent in 2027, with improvements driven by moderating inflation, stabilizing financial markets, and stronger-than-expected performance in emerging and developing economies, despite geopolitical and climate-related risks.