The Tinubu Media Support Group (TMSG) has described the World Bank’s 4.4% economic growth forecast for Nigeria this year as more realistic than its previous off-mark projections.
This, according to the group, is because the Bank underestimated the capacity of the Bola Tinubu administration in the past two years.
In a statement signed by its Chairman Emeka Nwankpa and Secretary Dapo Okubanjo, TMSG argued that the World Bank’s decision to upgrade its 2026 and 2027 economic growth projections is a subtle vote of confidence in the administration’s economic reforms.
It said : “After seeing the Nigerian economy grow by 4.2% in 2025, more than its 3.7% projection, it was gratifying that the World Bank opted against underestimating the President Bola Tinubu administration in its 2026 and 2027 forecast.
“This time the Bank has decided to upgrade its earlier projection of 3.7% and 3.8% to 4.4% for the two years six months after.
“We recall when the International Monetary Fund (IMF) and the World Bank projected a 3% and 3.6% economic growth respectively for Nigeria in 2025 based on a global oil slump, one of the country’s foremost think tanks, the Independent Media and Policy Initiative (IMPI) argued that Nigeria would do better because it was no longer predominantly oil-reliant.
“And that was exactly what happened, and it felt good seeing the World Bank raise its projections for 2026 and 2027 by 0.6 and 0.7% respectively on the grounds of what IMPI had pointed out when it faulted the earlier growth forecast.
“This is the first time in two years that the Bank would project a 4% growth for Nigeria and this time, it did not predicate its position on oil.
“For the World Bank, the growth would be driven by ‘continued expansion in services and a rebound in agricultural output, with a modest acceleration in non-oil industry.’
“Expectedly, the Bank credited the ongoing economic reforms for the 4.2% growth recorded in 2025 and added that the reforms, including the new tax laws as well as ‘continued prudent monetary policy’, would bolster the economy in 2026 and 2027.
“This, for us, is a major endorsement of the efficacy of President Tinubu’s economic policies especially as the World Bank is convinced that Nigeria would record its fastest growth in a decade this year.
“We dare say that the Tinubu administration would again do better than the World Bank projections like it did in the past two years.”
TMSG then urged Nigerians to keep faith and continue trusting President Bola Tinubu’s capacity to grow the economy for the benefit of all Nigerians.
(vitalnewsngr.com)
