The World Bank has projected that poverty levels in Nigeria will rise by 3.6 percentage points between 2022 and 2027. This was disclosed in the latest Africa Pulse report, released during the ongoing Spring Meetings of the IMF and World Bank in Washington, D.C.
Despite positive growth in Nigeria’s non-oil sector in late 2024, the report highlights that the country’s heavy dependence on natural resources and its fragile economic structure are likely to worsen poverty. Nigeria, grouped among resource-rich and fragile countries, is the only category in Sub-Saharan Africa expected to record a rise in poverty during this period.
According to the report, Sub-Saharan Africa remains home to the highest number of extremely poor people globally housing 80% of the world’s estimated 695 million poor as of 2024. Half of the region’s extreme poor live in just four countries, including Nigeria.
While non-resource-rich countries in the region are making progress due to stronger agricultural performance, resource-rich nations like Nigeria are expected to lag behind, partly due to falling oil prices and weak fiscal policies.
The World Bank emphasized that for Nigeria to reverse this trend, it must improve fiscal management and build a stronger relationship of accountability and service delivery between the government and its citizens.