More Nigerians To Become Poor By 2027

More Nigerians are expected to sink into poverty by 2027, the World Bank Group has said.

This is contained in the bank’s Africa Pulse report released at the ongoing Spring Meetings of the International Monetary Fund (IMF) and the World Bank in Washington DC, United States.

The report said sub-Saharan Africa has the highest extreme poverty rate globally, with a large share of the poor concentrated in a few countries.

According to the bank, about 80 percent of the world’s estimated 695 million extreme poor resided in the region in 2024, compared to 8 percent in South Asia, 2 percent in East Asia and the Pacific, 5 percent in the Middle East and North Africa, and 3 percent in Latin America and the Caribbean.

“Within Sub-Saharan Africa, half of the 560 million extreme poor in 2024 resided in four countries,” the report highlighted.

It stated that non-resource-rich countries are expected to continue reducing poverty faster than resource-rich countries.

The organisation stated that specifically for Nigeria and the Democratic Republic of Congo — both classified as resource-rich but fragile countries — poverty is expected to increase by 3.6 percentage points between 2022 and 2027.

This follows a well-established pattern whereby resource wealth combined with fragility or conflict is associated with the highest poverty rates—an average poverty rate of 46 per cent in 2024, 13 percentage points above non-fragile, resource-rich countries.

The World Bank said non-resource-rich, non-fragile countries saw the biggest gains in poverty reduction since 2000 and fully closed the gap in poverty with other non-resource-rich countries by 2010.

The bank said while most of the population of Africa and its highest levels of poverty are found in rural areas, rapid urbanisation could accelerate poverty reduction under the right conditions.