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World Bank Warns: More Nigerians to Fall into Poverty by 2027

The World Bank has projected that poverty in Nigeria will increase by 3.6 percentage points between 2022 and 2027, according to its latest Africa's Pulse report released during the Spring Meetings of the International Monetary Fund (IMF) and the World Bank in Washington, DC.

 

This projection places Nigeria among resource-rich, fragile countries expected to experience rising poverty rates, contrasting with non-resource-rich nations anticipated to see faster poverty reduction.

 

The report highlights that Sub-Saharan Africa continues to have the highest extreme poverty rate globally, with 80% of the world's 695 million extreme poor residing in the region as of 2024.

 

The World Bank recommends that Nigeria and similar economies focus on improving fiscal management and building a stronger fiscal contract with citizens to promote inclusive economic development and long-term poverty alleviation.

 

This projection underscores the urgent need for Nigeria to implement effective governance reforms and inclusive economic policies to address the structural issues contributing to rising poverty.