The World Bank has projected that Nigeria’s economy will grow by 4.4 per cent in both 2026 and 2027, describing the outlook as the country’s fastest growth rate in more than a decade.
The projection is contained in the Global Economic Prospects report released by the Bretton Woods institution in January 2026. In the report, the Bank upgraded Nigeria’s 2026 growth forecast to 4.4 per cent, up from the 3.7 per cent estimated in its June 2025 edition, while retaining the 2027 forecast at 4.4 per cent.
According to the World Bank, the improved outlook reflects sustained optimism about Nigeria’s medium-term economic prospects, supported by signs of strengthening macroeconomic fundamentals, even as structural challenges persist.
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“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 stated.
The Bank attributed the projected expansion mainly to continued growth in the services sector, a rebound in agricultural production, and a modest acceleration in non-oil industrial activities. It noted that services expansion and improved agricultural output are expected to remain the main drivers of economic performance over the forecast period.
The emphasis on non-oil sectors, the report said, highlights Nigeria’s gradual progress toward economic diversification, aimed at reducing long-standing dependence on crude oil exports.
The World Bank also underscored the importance of ongoing economic reforms, particularly in the tax system, as well as prudent monetary policy, in supporting growth and maintaining macroeconomic stability.
“Economic reforms, including in the tax system, along with continued prudent monetary policy, are expected to continue supporting activity,” the Bank added.
Despite the positive outlook, the institution noted that sustaining the projected growth will depend on the effective implementation of reforms and the country’s ability to address lingering structural constraints.
