Nigeria: World Bank Projects Average 4.4% Growth Through 2028 If Reforms Continue

ABUJA, Oct 18 – Nigeria’s economy is expected to grow by an average of 4.4 percent a year through 2028, with inflation and poverty declining if the government sustains reforms and improves service delivery, the World Bank said in its October 2026 Nigeria Development Update.

The lender said the economy grew 4.2 percent in the first half of 2026, driven mainly by services and agriculture. Reforms including the removal of petrol subsidies and exchange-rate changes had boosted state revenues, creating scope for higher spending on infrastructure, education and healthcare. Inflation is projected to ease toward 12 percent by 2028.

Finance Minister Taiwo Oyedele said the reforms had helped stabilise the economy. The World Bank noted that state revenues rose sharply in real terms but urged better spending efficiency to raise living standards.

Economist Rafiq Raji, posting on X as @DrRafiqRaji, highlighted the World Bank’s assessment of growth averaging 4.4 percent through 2028, drawing attention to the outlook among Nigeria-focused analysts.