Key facts
- Nigeria's economy is expected to grow by an average of 4.4% annually through 2028.
Nigeria's economy is projected to grow by an average of 4.4% annually through 2028, according to the World Bank. The lender stated that sustained reforms and improved service delivery could lead to declining inflation and poverty, with economic growth outpacing population growth.
The World Bank's forecast indicates a positive economic trajectory for Nigeria, contingent on continued reform implementation. Sustained growth and reduced inflation could lead to improved living standards and poverty reduction, impacting the nation's economic stability and investment climate.
Nigeria's economy is projected to grow by an average of 4.4% annually through 2028, with inflation and poverty expected to decline if the government sustains reforms and improves service delivery, the World Bank said on Thursday.
In its latest Nigeria Development Update, the lender noted that reforms such as the removal of petrol subsidies and exchange-rate adjustments have increased revenues available to state governments. This creates opportunities for increased spending on infrastructure, education, and healthcare.
The Nigerian economy expanded by 4.2% in the first half of 2026, an increase from 3.9% in 2025, primarily driven by the services and agriculture sectors. The World Bank forecasts inflation to decrease to approximately 12% by 2028, down from around 15% currently.
Taiwo Oyedele, Nigeria's minister of finance and coordinating minister of the economy, stated at the report's presentation that the implemented reforms have helped stabilize the economy and set it on a course for accelerated growth. He added that the economy is growing faster than the population, which, if sustained, should contribute to poverty reduction. The government's focus is on fostering private sector-led and job-rich growth.
While state revenues saw a real-terms increase of about 93% between 2023 and 2025, the World Bank advised states to enhance spending efficiency and increase investments in human capital to improve living standards and reduce poverty.
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