World Bank warns Nigeria: The World Bank has predicted a rise in poverty levels in Nigeria, projecting an increase of 3.6 percentage points by 2027. This projection was included in the Bank’s Africa’s Pulse report, unveiled during the ongoing Spring Meetings of the International Monetary Fund (IMF) and the World Bank in Washington, DC. The report paints a grim picture for poverty alleviation in Nigeria, warning that, despite slight improvements in economic performance—particularly within the non-oil sector in late 2024—persistent structural issues such as excessive dependence on natural resources and national instability are likely to hinder progress.
The World Bank noted that Nigeria and other fragile, resource-dependent nations in Sub-Saharan Africa are expected to experience worsening poverty, unlike their non-resource-reliant counterparts, which are anticipated to reduce poverty more rapidly.
“Poverty in resource-rich, fragile countries—including major economies like Nigeria and the Democratic Republic of Congo—is projected to rise by 3.6 percentage points between 2022 and 2027,” the report stated.
The Bank also highlighted that Sub-Saharan Africa remains the region with the highest rate of extreme poverty globally. In 2024, 80% of the world’s 695 million people living in extreme poverty resided in the region, with half of the 560 million found in just four countries. In comparison, South Asia accounted for 8% of the global extreme poor, East Asia and the Pacific 2%, the Middle East and North Africa 5%, and Latin America and the Caribbean 3%.
Still on World Bank warns Nigeria
The report links the sluggish pace of poverty reduction in resource-rich countries to declining oil prices and weak fiscal systems. In contrast, non-resource-reliant nations are benefiting from strong agricultural commodity prices to support more robust economic growth, despite existing fiscal limitations.
“This aligns with a well-documented trend in which resource wealth, when combined with fragility or conflict, results in the highest poverty levels—averaging 46% in 2024, which is 13 percentage points more than in non-fragile, resource-rich countries,” the report stated.
In light of these concerns, the World Bank encouraged Nigeria and similar economies to enhance fiscal management and foster a more effective fiscal relationship with their citizens, emphasizing that such reforms are essential for driving inclusive growth and ensuring long-term poverty reduction.
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