June 11, 2025
By Ayinde Adeleke
The World Bank has upgraded its growth forecast for Nigeria’s economy to 3.6% for this year, exceeding the International Monetary Fund’s (IMF) projection.
According to the World Bank’s latest Global Economic Prospect report, Nigeria’s economy is expected to grow from 3.6% this year to 3.7% next year and 3.8% in 2027.
This growth forecast is driven by financial services and telecommunications, with the World Bank noting that Nigeria’s fiscal position strengthened last year due to increased revenues and improved revenue administration.
“Although inflation has cooled somewhat in recent months, it remains elevated relative to the central bank target and pre-pandemic trends,” the report stated.
The World Bank’s projection is 0.6 percentage points above the IMF’s latest forecast, which predicted a 3% growth rate. Despite the upgrade, Nigeria’s growth rate would still be behind the speed required to achieve the current administration’s $1 trillion target.
Globally, the World Bank warned that heightened trade tensions and policy uncertainty could drive growth down to its slowest pace since 2008.
“The turmoil has resulted in growth forecasts being cut in nearly 70% of all economies across regions and income levels,” the report noted.
