Nigeria’s Economic Growth and World Bank Assessment Highlight Key Developments

The President welcomed the World Bank’s Nigeria Development Update released in October 2026, which noted improved economic growth, increased government revenues, higher external reserves, and stronger fiscal positions at both federal and state levels.

World Bank data indicates Nigeria’s economy grew 4.2% in the first half of 2026, with external reserves reaching $53.8bn and current account surplus hitting $12bn. President Bola Tinubu stated that the latest World Bank evaluation confirms the effectiveness of subsidy removal, foreign exchange reforms, and tighter fiscal discipline implemented by his government.

The World Bank also reported that poverty levels have stabilized for the first time since 2019, though President Tinubu acknowledged that macroeconomic improvements must now translate into lower food prices, increased employment, and enhanced living standards.

In a separate development, Janefrances Chibuzor highlighted plans to attract private capital for the Carnival Calabar festival economy, targeting a funding amount of ₦19bn.