Nigeria’s economy is on track to record its fastest growth in more than a decade, the World Bank has said, revising its forecast for the country’s economic growth to 4.4 per cent for both 2026 and 2027.
The announcement was made in the World Bank’s latest Global Economic Prospects report, released on Tuesday.
The revised growth projection marks a significant improvement over the June 2026 forecasts of 3.7 percent and 3.8 percent, respectively.
According to the report, “In Nigeria, growth edged up to 4.2 percent in 2025. The increase was driven by expansion in the services sector—especially the finance and information and communication technology sectors—a modest recovery in agriculture, and the country’s emergence as a net exporter of refined petroleum products.”
The World Bank noted that this momentum is expected to continue, saying, “Growth in Nigeria is forecast to strengthen to 4.4 percent in both 2026 and 2027—the fastest pace in over a decade. This further firming of growth is anticipated to be underpinned by a continued expansion in services and a rebound in agricultural output, with a modest acceleration in non-oil industry.”
The report noted that ongoing economic reforms, including enhancements to the tax system and continued prudent monetary policy, are anticipated to foster economic activity, enhance investor sentiment, and mitigate inflation.
“Higher oil output is expected to offset lower international oil prices this year, helping to boost fiscal revenues and strengthen the external balance,” the Bank said.
However, the World Bank warned that sustaining this growth would require addressing long-standing structural challenges.
Although Nigeria adopted fiscal rules in 2007 to reduce the economy’s exposure to oil revenue volatility, weak institutional frameworks have historically undermined enforcement, resulting in an uneven record on fiscal discipline.
The Bank stated that current reform efforts are aimed at addressing these structural bottlenecks to ensure that projected growth is both durable and inclusive.
Regarding the global economy, the Bank stated that it is proving “more resilient than anticipated despite persistent trade tensions and policy uncertainty.”
Global growth is projected to remain broadly steady over the next two years, easing to 2.6% in 2026 before rising to 2.7% in 2027, an upward revision from the June forecast.
Within Sub-Saharan Africa, growth is forecast to firm to around 4.3 percent in 2026, supported by continuing reforms, strong domestic investment, and easing inflation in key economies.
- Lecturers’ Salaries Up 40% Under New FG–ASUU Agreement - January 14, 2026
- World Bank Upgrades Nigeria’s Growth Forecast to 4.4% for 2026, 2027 - January 14, 2026
- Dangote Refinery Assures Nigerians of End to Petrol Scarcity - January 14, 2026