More Nigerians Will Fall Into Poverty by 2027 — World Bank
Despite signs of economic growth, fragility and oil dependence are deepening poverty levels
- Poverty in Nigeria is projected to rise by 3.6 percentage points by 2027
- Resource dependence and fragility are fueling poverty.
- Nigeria is among the few Sub-Saharan countries where poverty is expected to worsen
The World Bank has forecasted a troubling rise in poverty across Nigeria, warning that by 2027, the country’s poverty rate could climb by 3.6 percentage points.
This sobering projection was detailed in the latest Africa Pulse report, released during the IMF and World Bank Spring Meetings in Washington, DC.
Despite Nigeria experiencing unexpected growth in its non-oil sectors toward the end of 2024, the report paints a grim picture.
It links the nation’s persistent poverty issues to its heavy reliance on natural resources and its fragile economic structure.
Nigeria, categorized among resource-rich but fragile nations, is singled out as one of the few in Sub-Saharan Africa where poverty is expected to worsen over the next few years.
The report notes that while many non-resource-rich African countries are reducing poverty due to booming agricultural commodity prices, nations like Nigeria face the opposite trajectory due to slowing oil revenues and weak governance structures.
As of 2024, Sub-Saharan Africa hosts the largest share of the world’s extreme poor, with four countries—including Nigeria—housing half of that population.
The World Bank emphasizes that unless Nigeria strengthens its fiscal management and establishes a more accountable relationship between the government and its citizens, progress on poverty alleviation will remain elusive.
