IMF and World Bank project Nigeria's growth at 4.2% in 2026

The International Monetary Fund has raised its growth projection for Nigeria to 4.2% for 2026 and 4.3% for 2027. The World Bank's latest Nigeria Development Update also projects a growth of 4.3% for the current year, increasing to an average of 4.4% in 2027 and 2028.

Official data shows the economy expanded by 4.43% in the second quarter of 2026, up from 3.89% in the first quarter. However, public service workers recently conducted a three-day warning strike due to economic hardship, and ActionAid Nigeria has criticized the growth rate as insufficient.

While the economy is growing, it is not broad enough to benefit most citizens. Growth has been primarily driven by services and a recovering oil sector, which do not create many jobs.

Additionally, lingering inflation impacts the cost of living, with many salaries not keeping pace with rising prices. To significantly impact poverty and unemployment, Nigeria needs sustained growth closer to 7 or 8%.