The World Bank has warned that poverty in Nigeria is projected to rise by 3.6 percentage points by 2027, signaling troubling times ahead for Africa’s most populous nation.
This projection was revealed in the Bank’s latest Africa’s Pulse report, released during the ongoing Spring Meetings of the International Monetary Fund (IMF) and the World Bank in Washington, D.C.According to the report, Nigeria is grouped among resource-rich and fragile Sub-Saharan African countries where poverty levels are expected to worsen over the next five years. In contrast, countries without heavy dependence on natural resources are expected to see quicker reductions in poverty rates.
The IMF also weighed in, urging the Nigerian government to prioritize transparency and discipline in its spending, especially during this period of economic strain and heightened expenditure.
The warning comes as inflation, currency instability, and rising unemployment continue to place immense pressure on Nigerian households.