Peter Obi challenges World Bank’s growth outlook, says Nigerians remain worse off

Former Anambra State Governor and presidential candidate of the Nigeria Democratic Congress, Peter Obi, has challenged the World Bank's optimistic growth projections for Nigeria. Obi contends that the World Bank's assessment does not align with the lived experiences of most Nigerians, who continue to grapple with issues such as poverty, unemployment, and declining living standards.

The World Bank recently upgraded Nigeria's economic growth forecast, projecting a 4.3% increase in GDP for 2026, up from 4.0% in 2025, and continuing to rise to 4.4% annually in 2027 and 2028.

Obi argues that Nigeria's economic advancements should be evaluated through the lens of enhanced household welfare, specifically reductions in poverty and income inequality, as well as increased employment opportunities, particularly for the young population. He maintains that recent improvements in macroeconomic indicators have not translated into tangible enhancements in the daily lives of Nigerians.

Furthermore, Obi questions the government's focus on rising revenue, enhanced foreign reserves, and economic growth, suggesting that these metrics are meaningless without corresponding improvements in access to essential services.

The World Bank's October 2026 Africa Economic Update attributes Nigeria's more favorable medium-term growth prospects to improved economic conditions, heightened investor confidence, and a forecasted rebound in private-sector investment. However, the institution notes that the region's expansion is not sufficient to markedly diminish extreme poverty or generate adequate employment for its burgeoning workforce.

In addition to its economic forecasts, the World Bank has proposed various financing schemes intended to spur private investment, generate jobs, and bolster livelihoods in Nigeria. In March 2026, the World Bank also approved a $500 million loan for the Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW) Project.