Nigeria: Nigeria and other West African countries’ economy is projected to remain stable at 4.7 per cent in 2026.
According to News Agency of Nigeria, this is derived from the 2026 African Economic Outlook released by the African Development Bank (AfDB) on Tuesday at the ongoing Annual Meetings of the bank. The AfDB in the report released in Brazzaville noted that the subregion recorded an estimated growth of 4.8 per cent in 2025, with a slight slow-down projected to 4.5 per cent in 2027.
The report highlighted that the region’s stable growth outlook is fueled by strong agricultural production and expanding agro-processing value chains. It also emphasized sustained public investments in energy, logistics, and transportation infrastructure as significant growth drivers. Additionally, increased mining and hydrocarbon production are expected to further support economic expansion across the subregion.
The report pointed out the role of improved private sector investment, especially in construction, as a key contributor to growth. However, it cautioned that rising global oil and gas prices are increasing inflationary pressures across Africa. The report projected Africa’s average inflation rate at 10.4 per cent in 2026, with a decline to 8.9 per cent anticipated in 2027.
Inflation had reportedly dropped from 13.7 per cent in 2025 due to increased agricultural output and tighter monetary policies. African central banks reduced interest rates in 2025 to support economic recovery and improve inflation outlooks. The report also noted that many African currencies depreciated against the U.S. dollar as of April.