The World Bank has projected that Nigeria’s economy will grow by an average of 4.4 per cent annually through 2028, provided the Federal Government sustains its economic reforms and improves public service delivery….
The World Bank has projected that Nigeria’s economy will grow by an average of 4.4 per cent annually through 2028, provided the Federal Government sustains its economic reforms and improves public service delivery.
The projection was contained in the World Bank’s latest Nigeria Development Update, presented on Thursday.
According to the report, Nigeria’s economy grew by 4.2 per cent in the first half of 2026, compared with 3.9 per cent recorded in 2025.
The growth was driven mainly by the services and agriculture sectors.
The World Bank also projected that inflation could decline to about 12 per cent by 2028, from around 15 per cent currently, while poverty is expected to fall if the reform momentum is maintained.
The lender said reforms, including the removal of petrol subsidies and exchange-rate adjustments, had increased revenues available to state governments.
It said the additional resources created greater room for investment in infrastructure, education and healthcare.
The World Bank reported that state revenues rose by about 93 per cent in real terms between 2023 and 2025.
However, it urged state governments to improve spending efficiency and prioritise investments in human capital to translate higher revenues into improved living standards and reduced poverty.
Speaking at the presentation of the report, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the reforms had helped stabilise the economy and placed Nigeria on a path towards faster growth.
Oyedele said the economy was now growing faster than the population, arguing that sustained growth could help reduce poverty.
He added that the government’s priority was to promote private-sector-led and job-rich economic growth.
