Tinubu Cites World Bank Report on Economic Growth

President Bola Tinubu referenced a World Bank report to assert that his administration’s economic reforms are producing positive outcomes, despite ongoing challenges to living standards in Nigeria.

The World Bank’s October 2026 Nigeria Development Update, 'Beyond the Federal Purse: How Higher Revenues Reshaped State Priorities,' reported Nigeria’s economy grew 4.2 per cent in the first half of 2026, up from 3.9 per cent in the same period of 2025.

The report noted Nigeria’s poverty rate stabilized for the first time since 2019, with the bank forecasting a gradual decline as economic growth outpaces population growth.

Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, stated that removing petrol subsidies, foreign exchange market reforms, and tighter fiscal management had strengthened the economy and boosted government revenues.

The World Bank projects Nigeria’s economic growth to average at least 4.4 per cent between 2026 and 2028, with inflation expected to ease to around 12 per cent by 2028.