World Bank Report Highlights Nigeria’s Economic Progress and Poverty Decline

The World Bank’s October 2026 Nigeria Development Update reported a 4.2 percent economic growth rate in the first half of 2026, up from 3.9 percent in the first half of 2025.

President Bola Tinubu’s administration noted the World Bank’s finding that the poverty rate has stabilised for the first time since 2019.

Bayo Onanuga, Special Adviser to President Tinubu on Information and Strategy, stated the bank’s findings confirm economic reforms are delivering results and strengthening the economy for sustained growth.

The World Bank also indicated poverty is declining rapidly, particularly in federating states.

Onanuga added the bank expects poverty to decline gradually as GDP growth outpaces population growth.