The World Bank has projected that Nigeria’s economy will record its fastest growth in more than a decade in 2026, revising its growth forecast for the country upward to 4.4 per cent for both 2026 and 2027.
The projection is contained in the World Bank’s latest Global Economic Prospects report released on Tuesday.
According to the report, the new forecast represents an upward revision of 0.7 and 0.6 percentage points from the 3.7 per cent and 3.8 per cent growth rates earlier projected in June.
The World Bank said Nigeria’s economy grew by an estimated 4.2 per cent in 2025, driven largely by strong expansion in the services sector, particularly finance, information and communication technology (ICT), a modest recovery in agriculture, and the country’s emergence as a net exporter of refined petroleum products.
“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 report stated.
It added that growth is expected to strengthen further to 4.4 per cent in 2026 and 2027, marking the fastest pace of expansion 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 World Bank said.
The report noted that ongoing economic reforms, including changes to the tax system and the implementation of prudent monetary policies, are expected to support economic activity, improve investor confidence and contribute to a further reduction in inflation.
It also said that higher oil production is expected to offset lower international oil prices, helping to boost government revenues and strengthen Nigeria’s external balance.
However, the World Bank cautioned that sustaining the projected growth momentum would require addressing long-standing structural challenges in the economy.
It recalled that although Nigeria adopted fiscal rules in 2007 to reduce vulnerability to oil revenue volatility, weak institutional frameworks have often undermined effective enforcement, resulting in an uneven record of fiscal discipline.
The Bank said current reform efforts are aimed at addressing these structural bottlenecks to ensure that economic growth is durable and inclusive.
On the global outlook, the World Bank said the world economy has remained more resilient than expected despite ongoing trade tensions and policy uncertainty.
According to the report, global growth is projected to ease to 2.6 per cent in 2026 before rising slightly to 2.7 per cent in 2027, representing an upward revision from the Bank’s June forecast.