The World Bank has warned that poverty in Nigeria is expected to rise by 3.6 percentage points by 2027. This projection was made in the Bank’s latest Africa’s Pulse report, which was released during the ongoing Spring Meetings of the International Monetary Fund (IMF) and the World Bank in Washington, DC.
The report highlighted that despite some economic growth, particularly in Nigeria’s non-oil sector in late 2024, structural challenges such as the country’s dependence on resources and national instability are likely to slow down progress. The World Bank stated that while non-resource-rich countries in Sub-Saharan Africa may see poverty reduction, resource-rich countries like Nigeria will face a worsening poverty situation.
The projection underscores Nigeria’s ongoing struggle with poverty, which is expected to worsen due to its fragile economy and reliance on natural resources.
On the sidelines of the IMF/World Bank meetings, Senator Jimoh Ibrahim, representing Ondo South, called on African nations, the World Bank, and the IMF to prioritize the use of data in driving development across the continent. Ibrahim stressed that effective governance and poverty reduction depend on reliable data, particularly population data and citizens’ identities.
He warned the IMF against making projections without strong empirical data, arguing that such methods may be flawed and not reflective of the realities on the ground in Africa.
The World Bank’s projections point to deepening poverty in Nigeria, a concern that many experts feel needs urgent attention. With many citizens already struggling, the projected rise in poverty levels adds pressure on government efforts to improve the country’s economic outlook.
