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The World Bank has issued a sobering forecast that poverty in Nigeria is expected to rise by 2027, despite the country’s considerable wealth in natural resources.
This projection was shared in the World Bank Group’s Africa Pulse report during the IMF and World Bank Spring Meetings in Washington, D.C.
The report highlights that sub-Saharan Africa continues to host the highest global rate of extreme poverty, with about 80 percent of the world’s poorest people living in the region.
Nigeria and the Democratic Republic of Congo, both resource-rich but institutionally fragile,are projected to experience a 3.6 percentage point increase in poverty between 2022 and 2027.
While other African nations without heavy resource dependency have made progress in reducing poverty since 2000, Nigeria’s trajectory remains troubling.
Ongoing issues such as poor governance, insecurity, and limited economic opportunities are major obstacles to reversing the trend.
Urbanization is cited as a potential remedy. With 41 percent of Africa’s population living in cities as of 2020 and over 238 million more expected to urbanize by 2035.
The report suggests Nigeria could turn urban growth into an opportunity for economic improvement.
However, this would require large-scale investment in infrastructure, jobs, and services to ensure cities can absorb the growing population.
Without decisive action, the World Bank warns, Nigeria may face deepening poverty levels in the near future, undermining both social stability and long-term development.
See also:(In Nigeria): ‘Master Strategist’ Label Sparks Backlash as Nigerians Mock Tinubu’s Political Praise.
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