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The World Bank has projected that poverty in Nigeria will increase by 3.6 percentage points over the next five years, rising through 2027. According to the Bank’s Africa’s Pulse report, despite some recent gains in economic activity, structural issues related to resource dependence and national fragility are likely to hinder progress in poverty reduction.
The report highlights that Sub-Saharan Africa continues to have the highest extreme poverty rate globally, with Nigeria being one of the countries expected to experience a worsening poverty situation. The World Bank recommends that Nigeria focus on improving fiscal management and building a stronger fiscal contract with citizens to promote inclusive economic development and long-term poverty alleviation.
The report also notes that resource-rich countries like Nigeria will lag in poverty reduction due to slowing oil prices and weak fiscal structures, while non-resource-rich countries are expected to see faster poverty reduction due to high agricultural commodity prices.
