Nigeria’s Poverty Crisis to hit 3.6% Surge by 2027 - World Bank

By: Manoah kikekon 

World Bank 

The World Bank warns that poverty in Nigeria is set to rise sharply, with an estimated 3.6% increase over the next five years, peaking in 2027. 

This alarming forecast comes from the latest Africa’s Pulse report, unveiled during the IMF and World Bank Spring Meetings in Washington, DC.  

Despite recent growth in Nigeria’s non-oil sector in late 2024, the report highlights persistent challenges—including heavy resource dependence and national instability—that threaten to reverse progress. Unlike non-resource-rich African nations, which are making strides in poverty reduction, oil-dependent economies like Nigeria and the Democratic Republic of Congo face worsening conditions.  

“Poverty in fragile, resource-rich countries is projected to climb by 3.6 percentage points between 2022 and 2027,”* the report states.  

The region remains the epicenter of extreme poverty, hosting **80% of the world’s 695 million poorest people** in 2024. Shockingly, half of Sub-Saharan Africa’s 560 million extreme poor live in just four nations—Nigeria likely among them. In contrast, poverty rates are far lower in South Asia (8%), East Asia (2%), the Middle East (5%), and Latin America (3%).  

Slumping oil prices and weak fiscal policies are stifling progress in countries like Nigeria. Meanwhile, non-resource-rich nations are capitalizing on high agricultural commodity prices, driving faster economic growth despite budget constraints.  

“Fragile, oil-dependent economies have poverty rates averaging 46%—13% higher than stable resource-rich countries,” the report reveals.  

To combat this crisis, the World Bank urges Nigeria to strengthen fiscal management and foster inclusive economic policies. Without decisive action, millions more could slip into extreme poverty by 2027.  

Will Nigeria turn the tide—or will poverty keep rising? Stay informed as the story develops.