The World Bank has projected that poverty in Nigeria will increase by 3.6 percentage points over the next five years, rising through 2027.
The projection is contained in the Bank’s Africa’s Pulse report released yesterday at the ongoing Spring Meetings of the International Monetary Fund, IMF, and the World Bank in Washington, DC.
The report presents a troubling outlook for poverty reduction in Nigeria, highlighting that despite some recent improvements in economic activity, particularly in the non-oil sector during the last quarter of 2024, persistent structural issues related to resource dependence and national instability are expected to obstruct further progress.
The World Bank said Nigeria and other resource-rich and fragile countries in Sub-Saharan Africa, will experience an exacerbating poverty situation, as it is projected to increase by 3.6 percentage points between 2022 and 2027 unlike non-resource-rich countries, which are expected to see faster poverty reduction.
In view of these projections, World Bank, recommends that Nigeria and similar economies should focus on improving fiscal management and strengthen the fiscal relationship with citizens in order to support inclusive economic growth and sustainable poverty reduction.
