President Bola Tinubu has said the World Bank’s latest Nigeria Development Update confirms that his administration’s economic reforms are yielding results, citing improved economic growth, increased government revenue and stabilising poverty levels.
In a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga, Tinubu said the October 2026 report showed that Nigeria’s economy grew by 4.2 per cent in the first half of 2026, compared with 3.9 per cent in the corresponding period of 2025. The World Bank projected average economic growth of at least 4.4 per cent between 2026 and 2028.
The report also indicated that inflation declined from 27.6 per cent in January 2025 to 15.2 per cent in December 2025, although higher global fuel prices linked to the Middle East conflict have slowed further reductions. Inflation is expected to ease to about 12 per cent by 2028.
According to the bank, reforms introduced since 2023 increased federation revenue by 69 per cent in real terms between 2023 and 2025, with state governments emerging as the largest beneficiaries. States also increased capital expenditure by 151 per cent in real terms, directing much of the spending towards roads, agriculture, energy and housing.
The report further showed that Nigeria’s current account surplus rose to $12 billion in the first half of 2026, while external reserves increased from $45.5 billion at the end of 2025 to $53.8 billion in August 2026.
Tinubu attributed the developments to reforms, including the removal of petrol subsidy, unification of the foreign exchange market and improved fiscal discipline. He acknowledged that more work was needed to translate the gains into lower food prices, better living standards and job opportunities.
The President pledged to expand targeted cash transfers, improve agricultural productivity, accelerate the rollout of Compressed Natural Gas and strengthen access to healthcare and education. He also urged state governments to use increased revenues prudently and prioritise projects that directly improve residents’ welfare.
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