The World Bank has maintained Nigeria’s economic growth forecast at 4.4 per cent for 2027, reflecting continued confidence in the country’s medium-term prospects despite ongoing structural challenges.

The projection, detailed in the World Bank’s Global Economic Prospects report released in January 2026, is consistent with the estimate published earlier in the Nigeria Development Update in October 2025.

The Bank also revised Nigeria’s 2026 growth forecast upward to 4.4 per cent from the 3.7 per cent projected in its June 2025 Global Economic Prospects report, citing improving macroeconomic conditions.

The World Bank projects Nigeria’s economy to expand by 4.4 per cent in both 2026 and 2027, describing this as the country’s fastest growth rate in more than a decade.

The report attributes this growth mainly to continued expansion in the services sector, a recovery in agricultural output, and a modest acceleration in non-oil industrial activities.

“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 bank noted.

The Bank noted that continued growth in the services sector and improved agricultural output will remain the main pillars driving economic performance over the forecast period.

It added that ongoing economic reforms, especially in the tax system, alongside prudent monetary policies are expected to support economic activity and bolster macroeconomic stability.

“Economic reforms, including in the tax system, along with continued prudent monetary policy, are expected to continue supporting activity,” the bank stated.

The continued focus on non-oil growth underscores the gradual impact of Nigeria’s economic diversification efforts to reduce dependence on crude oil exports.

A more robust services sector and higher agricultural output could boost job creation, stabilize prices, and gradually expand the government’s revenue base.