Economy: Nigeria to record fastest growth in 2026 \u2014 World Bank<\/p>\n
\u2022Upgrades growth forecast to 4.4% for 2026, 2027<\/p>\n
The World Bank announced yesterday that Nigeria\u2019s economy is on track to record its fastest growth in more than a decade, upgrading its forecast for the country\u2019s economic growth to 4.4 per cent for 2026 and 2027.<\/p>\n
The World Bank disclosed this in its latest Global Economic Prospects report released yesterday. The latest growth forecast represents 0.7 and 0.6 percentage points from the 3.7 per cent and 3.8 per cent in June 2026.<\/p>\n
The World Bank said: \u201cIn Nigeria, growth edged up to 4.2 percent in 2025. The increase was driven by expansion in the services sector\u2014especially the finance and information and communication technology sectors\u2014a modest recovery in agriculture, and the country\u2019s emergence as a net exporter of refined petroleum products.<\/p>\n
\u201cGrowth in Nigeria is forecast to strengthen to 4.4 percent in both 2026 and 2027\u2014the fastest pace 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.<\/p>\n
\u201cEconomic reforms, including in the tax system, along with continued prudent monetary policy, are expected to continue supporting activity.<\/p>\n
\u201cThey are also expected to improve investor sentiment and reduce inflation further. Higher oil output is expected to offset lower international oil prices this year, helping to boost fiscal revenues and strengthen the external balance.\u201d<\/p>\n
However, the World Bank cautioned that sustaining the momentum will require addressing long-standing structural challenges. Although Nigeria adopted fiscal rules in 2007 to reduce the economy\u2019s exposure to oil revenue volatility, weak institutional frameworks have historically undermined enforcement, resulting in an uneven record on fiscal discipline.<\/p>\n
Current reform efforts, the World Bank noted, are aimed at tackling these structural bottlenecks to ensure that the projected growth is durable and inclusive.<\/p>\n
With respect to the global economy, the World Bank said: \u201cThe global economy is proving more resilient than anticipated despite persistent trade tensions and policy uncertainty, according to the World Bank\u2019s latest Global Economic Prospects report. Global growth is projected to remain broadly steady over the next two years, easing to 2.6% in 2026 before rising to 2.7% in 2027, an upward revision from the June forecast.\u201d(Vanguard)<\/p>\n","protected":false},"excerpt":{"rendered":"
Economy: Nigeria to record fastest growth in 2026 \u2014 World Bank \u2022Upgrades growth forecast to 4.4% for 2026, 2027 The World Bank announced yesterday that Nigeria\u2019s economy is on track to record its fastest growth in more than a decade, upgrading its forecast for the country\u2019s economic growth to 4.4 per cent for 2026 and […]<\/p>\n","protected":false},"author":4,"featured_media":149743,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[79,18,20],"tags":[2658,157,81],"class_list":{"0":"post-149742","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"category-news","9":"category-the-nation","10":"tag-global-economic-prospects-report","11":"tag-nigeria","12":"tag-world-bank"},"yoast_head":"\n