The World Bank has projected that Nigeria’s economy will record its fastest growth in more than a decade, upgrading its growth forecast to 4.4 per cent for both 2026 and 2027.
The projection was contained in the bank’s latest Global Economic Prospects report released yesterday, representing an upward revision from the 3.7 per cent and 3.8 per cent forecasts issued in June.
According to the report, Nigeria’s growth rose to 4.2 per cent in 2025, driven by expansion in the services sector, particularly finance and information and communication technology, alongside a modest recovery in agriculture and the country’s emergence as a net exporter of refined petroleum products.
The World Bank said, “Growth in Nigeria is forecast to strengthen to 4.4 percent in both 2026 and 2027—the fastest pace in over a decade,” adding that the outlook would be supported by continued services sector expansion, a rebound in agricultural output and modest growth in non-oil industries.
It noted that ongoing economic reforms, including changes to the tax system and prudent monetary policy, are expected to boost investor confidence, reduce inflation and strengthen fiscal revenues, even as higher oil output offsets lower global prices.
However, the bank cautioned that sustaining the momentum would require addressing structural challenges and weak fiscal institutions, stressing that current reforms must ensure that growth remains durable and inclusive, while global growth is projected to stand at 2.6 per cent in 2026 before rising to 2.7 per cent in 2027.