Tinubu Welcomes World Bank Report on Nigeria’s Economic Progress

President Bola Tinubu has expressed satisfaction with the World Bank’s October 2026 Nigeria Development Update. He believes the report confirms that his administration’s economic reforms are making a positive impact on the country’s economy.

The report, titled ‘Beyond the Federal Purse: How Higher Revenues Reshaped State Priorities’, shows improvements in economic growth, revenue generation, and management of government finances. Tinubu noted that the World Bank found Nigeria’s poverty rate has stabilized for the first time since 2019, with expectations for a gradual decline as economic growth outpaces population growth.

According to the report, Nigeria’s economy grew by 4.2 percent in the first half of 2026, up from 3.9 percent in 2025. This growth occurred despite challenges from conflicts in the Middle East. The World Bank forecasts that Nigeria’s economy will continue to grow by at least 4.4 percent from 2026 to 2028.

The report also highlighted a decrease in inflation, dropping from 27.6 percent in January 2025 to 15.2 percent in December 2025. However, rising global fuel prices have slowed this decline, with inflation expected to ease to about 12 percent by 2028.

Additionally, Nigeria’s financial position improved, with a current account surplus of 12 billion dollars in the first half of 2026, compared to 8.6 billion dollars during the same period in 2025. The country’s foreign reserves also increased significantly, rising from 45.5 billion dollars at the end of 2025 to 53.8 billion dollars by August 2026.

Tinubu attributed these positive changes to reforms his government has implemented since 2023. He emphasized the importance of these reforms in raising government revenues and enabling state governments to invest more in infrastructure, such as roads and housing.

Looking ahead, Tinubu pledged to continue focusing on reforms that improve living standards for Nigerians. He mentioned plans to expand cash transfer programs, boost agricultural productivity, and enhance access to healthcare and education. He urged state governments to use their increased revenues wisely to benefit the people.