The World Bank has projected that Nigeria’s economy will grow by an average of 4.4 per cent annually through 2028, with inflation and poverty expected to decline if the Federal Government sustains its economic reforms and improves public service delivery.
The projection was contained in the bank’s latest Nigeria Development Update, which highlighted the potential benefits of ongoing economic reforms, including the removal of petrol subsidies and changes to the foreign exchange system.
According to the report, these measures have increased the revenues available to state governments, creating opportunities for greater investment in critical sectors such as infrastructure, education and healthcare.
The World Bank noted that Nigeria’s economy expanded by 4.2 per cent in the first half of 2026, compared with 3.9 per cent growth recorded in 2025. The expansion was driven largely by activities in the services and agricultural sectors.
The lender also projected that inflation could decline to approximately 12 per cent by 2028 from its current level of around 15 per cent, provided the government maintains the momentum of its reforms.
Speaking at the presentation of the report, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, said the reforms had contributed to economic stabilisation and placed the country on a path towards stronger growth.
Oyedele explained that Nigeria’s economy was expanding faster than its population, adding that sustained growth could help reduce poverty and improve living conditions across the country.
He reaffirmed the Federal Government’s commitment to promoting private sector-led economic growth, with emphasis on creating jobs and expanding opportunities for Nigerians.
The World Bank further disclosed that state government revenues increased by approximately 93 per cent in real terms between 2023 and 2025.
However, it urged state governments to improve the efficiency of public spending and prioritise investments in human capital, noting that effective resource management and improved access to essential services would be critical to raising living standards and reducing poverty.
