The World Bank has upgraded Nigeria’s economic growth outlook to 3.6% in 2025, a 10 basis point increase from its January projection and notably higher than the IMF’s 3.0% forecast.
According to the World Bank’s latest Global Economic Prospects report, the Nigerian economy is poised to outpace its 2024 growth of 3.4%, buoyed by sustained strength in financial services and telecommunications.
Growth is expected to rise to 3.7% in 2026 and 3.8% by 2027, showing a steady climb, though still below the pace needed to hit President Bola Tinubu’s ambitious $1 trillion GDP target.
“Nigeria’s economic performance, while exceeding regional and global averages, still faces hurdles in inclusive growth and diversification,” the report noted.
Despite surpassing the average global growth rate of 2.3% and nearing sub-Saharan Africa’s average of 3.7%, the report cautioned that growth remains driven by non-inclusive sectors, meaning many Nigerians may not yet feel the benefits.
The upgrade contrasts with the IMF’s April revision, which lowered Nigeria’s outlook due to global trade uncertainty and volatility in crude oil markets, the country’s primary export earner.
Meanwhile, the World Bank remains less optimistic about South Africa, forecasting a sluggish 0.7% growth for Africa’s second-largest economy.
