World Bank Projects Nigeria’s Economy to Grow by 4.4% Between 2026 and 2027

Nigeria’s economic growth prediction for 2027 has been kept at 4.4% by the World Bank, indicating continued optimism about the medium-term prospects of the nation despite persistent structural issues.

According to the World Bank’s most recent Global Economic Prospects, this is consistent with the forecast that was previously released in its Nigeria Development Update (NDU) in October 2025.

Remember that, according to the most recent report from the National Bureau of Statistics (NBS), Nigeria’s GDP increased by 3.46% year over year in real terms during the third quarter of 2024.

Nigeria’s growth prediction for 2026 was also raised by the Bretton Woods Institution to 4.4% from 3.7% in its June 2025 Global Economic Prospects report, indicating better macroeconomic conditions.

Nigeria’s GDP is predicted by the World Bank to grow at a rate of 4.4% in 2026 and 2027, which is the fastest growth rate in more than ten years.

The report states that a recovery in agricultural production, steady development in the services sector, and a slight acceleration of non-oil industrial activities will be the main drivers of this increase.

“Nigeria’s growth is expected to accelerate to 4.4% in both 2026 and 2027—the fastest pace in over a decade,” the bank stated.

The Bank further stated that throughout the predicted period, enhanced agricultural productivity and ongoing service expansion will continue to be the fundamental pillars sustaining economic performance.

According to the World Bank, continued economic reforms—especially in the tax system—along with cautious monetary policy are anticipated to boost macroeconomic stability and stimulate economic development.

“It is anticipated that prudent monetary policy and economic reforms, including those pertaining to the tax system, will continue to support activity.”

The Bank stated that these policy actions should “improve investor sentiment and reduce inflation further.” The World Bank stated that increased oil production is anticipated to counteract declining global oil prices this year, boosting fiscal income and bolstering the external balance.

The ongoing focus on non-oil growth emphasizes how Nigeria’s efforts to diversify its economy and lessen its reliance on crude oil exports are gradually having an impact.

Over time, increased agricultural productivity and a more robust services sector might help stabilize prices, increase employment, and expand the government’s tax base.

The World Bank’s forecast gives investors and policymakers some assurance that, despite the nation’s ongoing economic weaknesses, recent reforms may start to produce noticeable dividends.

Additionally, the World Bank predicted that Sub-Saharan Africa’s GDP will accelerate to 4.3% in 2026 because to regional economic reforms, robust domestic investment, and declining inflation.

The Bank anticipates that the global economy will continue to be robust, with growth moderating somewhat to 2.6% in 2026 before increasing to 2.7% in 2027—an increase from its June prediction.

Even while geopolitical and climate-related risks are still high, the improving global picture is a result of declining inflation, stabilizing financial conditions, and stronger-than-expected performance in a number of emerging and developing economies.