World Bank Report Confirms Nigeria Economic Stabilization

President Bola Tinubu announced that the World Bank's October 2026 Nigeria Development Update confirms his administration's economic reforms are stabilizing the national economy and increasing development resources. The report, titled 'Beyond the Federal Purse: How Higher Revenues Reshaped State Priorities', indicates that Nigeria's poverty rate has stabilized for the first time since 2019.

Economic indicators show the economy grew by 4.2% in the first half of 2026. Inflation declined from 27.6% in January 2025 to 15.2% by December 2025, while gross external reserves rose to $53.8 billion by August 2026. The World Bank attributed these gains to the removal of the petrol subsidy, the unification of the foreign exchange market, and strengthened fiscal discipline, which collectively increased federation revenues by 69% in real terms between 2023 and 2025.

While welcoming the results, Tinubu acknowledged that these gains have not yet fully translated into more jobs or lower food prices. He pledged to accelerate Compressed Natural Gas deployment and expand targeted cash transfers under the Renewed Hope Agenda 2.0 to improve living standards.