By Jemimah Wellington, JKNewsMedia Correspondent
NIGERIA’s ECONOMIC growth projection for 2026 has been revised downward to 4.1 percent by the World Bank, reflecting structural constraints and global uncertainties.
JKNewsMedia.com reports that the revision was contained in the April 2026 Africa Economic Update titled “Making Industrial Policy Work in Africa”.
The bank had earlier projected a growth rate of 4.4 percent for both 2026 and 2027 but reduced the 2027 forecast to 4.2 percent, with 2028 projected at 4.3 percent.
The report stated that the adjustment reflects moderate macroeconomic stability and gradual recovery in investment amid persistent challenges.
It identified the services sector, particularly Information, Communication and Technology (ICT), finance and real estate, as the main driver of growth, while agriculture and industry are expected to expand at a slower pace.
Inflation is projected to decline from 23 percent in 2025 to 14.9 percent in 2026 and further to 10.7 percent by 2028 as the World Bank report noted that poverty reduction would remain slow due to pressures such as rising fuel prices linked to the Middle East conflict.
JKNewsMedia.com reports that external risks including geopolitical tensions and commodity price volatility were highlighted as factors that could weaken business confidence and affect reform momentum ahead of Nigeria’s 2027 general elections.
Also, household consumption is expected to contribute 1.6 percentage points to GDP growth, slightly lower than 2025 levels, while investment contribution is projected to rise modestly.
Across sub-Saharan Africa, growth forecasts were also revised downward for economies including Angola, Kenya, Mozambique, Senegal, South Africa and Zambia despite signs of improving macroeconomic stability.
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