WORLD BANK SEES NIGERIA GROW 4.4% TINUBU REFORMS PAY OFF

Group hails forecast as vote of confidence, says economy set for fastest growth in a decade

By Queen Kunde

The Tinubu Media Support Group (TMSG) has described the World Bank’s new 4.4 per cent economic growth projection for Nigeria as more realistic than its earlier forecasts, saying the global lender had previously underestimated the capacity of the Bola Tinubu administration.In a statement signed by its Chairman, Emeka Nwankpa, and Secretary, Dapo Okubanjo, the group said the upward review of Nigeria’s growth outlook for 2026 and 2027 amounts to a subtle but clear vote of confidence in the Federal Government’s economic reforms.TMSG noted that after Nigeria recorded a 4.2 per cent growth in 2025 beating the World Bank’s earlier 3.7 per cent projection the Bank chose not to repeat what it described as past errors.“This time, the World Bank upgraded its projections from 3.7 and 3.8 per cent to 4.4 per cent for 2026 and 2027, just six months after its earlier forecast,” the group said.It recalled that both the World Bank and the International Monetary Fund (IMF) had earlier projected modest growth for Nigeria in 2025 due to a global oil slump, a position faulted by local policy think tank, the Independent Media and Policy Initiative (IMPI), which argued that Nigeria was no longer heavily dependent on oil.According to TMSG, events later proved that argument right, as Nigeria outperformed the gloomy forecasts, forcing the World Bank to revise its outlook upward.Significantly, the group noted that the new 4.4 per cent projection is not tied to oil revenues but to growth in services, a rebound in agriculture and a modest rise in non-oil industries.The World Bank also credited ongoing reforms, including new tax laws and prudent monetary policies, for the stronger economic performance, noting that they would further strengthen growth in the coming years.TMSG described the projection as a major endorsement of President Tinubu’s economic policies, stressing that the World Bank now expects Nigeria to record its fastest growth in a decade.The group urged Nigerians to remain patient and continue to trust the administration’s economic direction, expressing confidence that the country could once again outperform global projections.