World Bank forecasts Nigeria economic growth at 4.4% in 2026 and 2027, the fastest pace in over a decade, led by services, agriculture, and reforms

The World Bank has projected that Nigeria’s economy will expand by 4.4 per cent in both 2026 and 2027, marking the fastest pace of growth for the country in more than a decade.

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The forecast was released in the Bank’s Global Economic Prospects report on Wednesday.

The Bank revised its 2026 estimate upward from 3.7 per cent, reflecting optimism about Nigeria’s medium-term economic outlook despite structural challenges. Services, agriculture, and non-oil industrial activity were identified as key drivers of the projected expansion.

Nigeria’s Gross Domestic Product grew by 3.46 per cent year-on-year in real terms in the third quarter of 2025, according to the National Bureau of Statistics, laying the groundwork for the expected acceleration.

The World Bank highlighted ongoing economic reforms, particularly in the tax system, alongside prudent monetary policy, as critical factors supporting stability and encouraging investment.

Higher oil output is expected to offset weaker global prices, improving fiscal revenues and the external balance.

“Growth in Nigeria is forecast to strengthen to 4.4 per cent in both 2026 and 2027—the fastest pace in over a decade,” the report said.

“Services and agriculture will remain the main pillars supporting economic performance over the forecast period.”

The report also noted that non-oil sector growth reflects Nigeria’s gradual diversification strategy, which aims to reduce reliance on crude oil exports.

Analysts expect this to boost job creation, price stability, and government revenue over time.

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For policymakers and investors, the forecast offers cautious optimism, signalling that recent reforms may start delivering measurable economic gains, even as underlying vulnerabilities persist.