According to the latest projection from the World Bank, Nigeria’s economy is expected to witness its fastest GDP growth in more than a decade in 2026 and 2027, revising the global monetary body’s forecast upward to 4.4% for both years. In 2025, the African country witnessed a 4.2% growth, driven largely by expansion in the services sector, particularly finance, as well as information and communication technology.
The World Bank said in its report, “In Nigeria, growth edged up to 4.2% in 2025. The increase was driven by expansion in the services sector—especially the finance and information and communication technology sectors—a modest recovery in agriculture, and the country’s emergence as a net exporter of refined petroleum products.”
This momentum will likely strengthen further to 4.4% in both 2026 and 2027, marking the fastest pace in over a decade, supported by continued expansion in services, a rebound in agricultural output, and modest acceleration in non-oil industrial activities.
Ongoing economic reforms, including improvements in the tax system and the continuation of prudent monetary policy, are expected to support economic activity, improve investor confidence, and further reduce inflation, the World Bank noted.
The global monetary body also stated that higher oil output will help the African country to offset lower international oil prices, apart from boosting its fiscal revenues and strengthening its external balance.
Regarding the regional outlook, the World Bank projects that growth in Sub-Saharan Africa (SSA) will strengthen to 4.3% in 2026, supported by reforms in major economies, solid domestic investment growth, and easing inflation. Despite the improved outlook, the growth of per capita income in the region remains inadequate to meaningfully address critical issues like extreme poverty and unemployment. Risks, including weaker external demand, lower commodity prices, political instability, and reduced donor support, could further weigh on growth prospects.
“Growth in Sub-Saharan Africa (SSA) is forecast to firm to 4.3% in 2026, supported by ongoing reforms in some large economies, solid domestic investment growth, and a continued easing of inflation. In many economies, fiscal consolidation efforts are being prompted by the narrowing of fiscal space resulting from cuts to official development assistance, elevated government debt, and higher debt-servicing costs,” the global monetary body concluded.