President Bola Tinubu says Nigeria’s economic reforms are beginning to yield positive results, following a World Bank report showing that the country’s economy grew by 4.2 per cent in the first half of 2026.
The President stated this in a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga, in response to the World Bank’s October 2026 Nigeria Development Update.
According to the statement, the report attributed the economic progress to policy measures, including the removal of petrol subsidy, unification of the foreign exchange market and improved fiscal discipline.
The report indicated that Nigeria’s economic growth increased from 3.9 per cent in the first half of 2025 to 4.2 per cent in the corresponding period of 2026.
It also showed that federation revenues rose by 69 per cent in real terms between 2023 and 2025, while state governments increased capital expenditure by 151 per cent during the same period.
Nigeria’s external reserves also increased from 45.5 billion dollars at the end of 2025 to 53.8 billion dollars by the end of August 2026.
President Tinubu said the Federal Government would sustain the reforms while intensifying efforts to improve the living conditions of Nigerians through targeted cash transfers, increased agricultural productivity, affordable healthcare and quality education.
He, however, acknowledged that more work was needed to ensure the benefits of the reforms translated into lower food prices, decent jobs and improved living standards for citizens.
