World Bank sees Nigeria growth averaging 4.4% through 2028

Nigeria's economy is expected to ‌grow by an average of 4.4% a year through 2028, with inflation and poverty declining if the government sustains reforms and improves service ​delivery, the World Bank said on Thursday.

In its latest ​Nigeria Development Update, the lender said reforms including ⁠the removal of petrol subsidies and exchange-rate changes had ​boosted revenues available to state governments, creating scope for higher ​spending on infrastructure, education and healthcare.

Nigeria's economy grew 4.2% in the first half of 2026, up from 3.9% in 2025, driven mainly by ​services and agriculture, while inflation is projected to ease ​to around 12% by 2028 from around 15%, the World Bank said.

Taiwo ‌Oyedele, ⁠minister of finance and coordinating minister of the economy, said at an event where the report was presented that reforms had helped stabilise the economy and put it on ​a path to ​faster growth.

Oyedele ⁠said Nigeria's economy was growing faster than its population, which should help reduce poverty if sustained, ​and added that the government's focus was ​on private ⁠sector-led and job-rich growth.

The World Bank said state revenues rose about 93% in real terms between 2023 and 2025, ⁠but urged ​states to improve spending efficiency ​and invest more in human capital to raise living standards and reduce poverty.

By Camillus Eboh, Reuters