The World Bank has projected a rise in poverty levels in Nigeria estimating an increase of 3.6 percent points by 2027.
This forecast was contained in the Bank’s African Pulse report, release during the ongoing Spring Meetings of the International Monetary Fund (IMF) and the World Bank in Washington, DC.
The report represents a bleak outlook for poverty reduction in Nigeria, warning that despite modest gains in economic activity — particularly in the non oil sector in late 2024–structural challenges such as over reliance on natural resources a d national fragility are likely to stall progress.
According to the World Bank, and other resource — dependent, fragile countries in Sub-Saharan Africa will see poverty worsen, unlike non-resource — rich nation’s which are projected to achieve faster poverty reduction.
“Poverty is resources — rich, fragile countries — include large economies like Nigeria and the Democratic Republic of Congo — is projected to increase by 3.6 percent points between , 2022 and 2027”, the report stated.
-9News Nigeria.
