…Predicts 4.4% in 2027, 2028
By Emma Ujah
Nigeria’s economy is expected to grow by 4.3 percent in 3026 and rise to an average 4.4% from 2027 to 2028, according to the World Bank, in its latest edition of Nigeria Development Update (NDU).
This was contained in the latest edition of the NDU, released in Abuja, yesterday, with the bank assuring that if the government sustained it reforms, poverty and inflation would continue to be on the downward trend.
“Economic activity in Nigeria is projected to strengthen from 4.0 percent in 2025 to 4.3 percent in 2026, before edging up to 4.4 percent annually in 2027–28,” the bank said.
According to the bank, reforms such as the controversial removal of petrol subsidies and exchange-rate liberalization remain key to a sustained growth and positive outlook on several fronts.
It urged the government to sustain the reforms in order to realise their full benefits. There has been a raging debate over the fuel subsidy with some presidential candidates promising to reintroduce it, if elected into office in next year’s general elections.
Nigeria’s economy grew 4.2% in the first half of 2026, up from 3.9% in 2025, driven mainly by services and agriculture, while inflation is projected to ease to around 12% by 2028 from around 15%, the World Bank said
The bank said sub-Saharan Africa’s economy remained resilient despite geopolitical tensions, climate shocks, declining development assistance and fiscal pressures.
The World Bank said state revenues rose about 93% in real terms between 2023 and 2025, but urged states to improve spending efficiency and invest more in human capital to raise living standards and reduce poverty.
The Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, who was at the event said the projections represented a testimony that the reforms introduced by the present administration were working.
At the current growth level, he said that Nigeria’s economy was growing faster than its population and that as such poverty level would decline going forward.
He urged Nigerians to support the reforms and ensure that its objectives were achieved, as according to him, the decisions to undertake those reforms were the best in the interest of the Nigerian economy.
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