“Poverty is expected to increase by 3.6 percentage points over 2022 to 2027,” the report noted.
The World Bank has warned that more Nigerians are expected to fall into poverty by 2027 despite the country’s abundant natural resources.
In its Africa Pulse report released Thursday at the IMF/World Bank Spring Meetings in Washington DC, the institution said poverty in resource-rich countries like Nigeria and the Democratic Republic of Congo would rise by 3.6 percentage points from 2022 to 2027.
“Poverty is expected to increase by 3.6 percentage points over 2022 to 2027,” the report noted.
This contrasts claims by Finance Minister Wale Edun that Nigeria is “on track” to lift citizens out of poverty. The World Bank says resource-rich but fragile nations continue to post high poverty rates—46% in 2024—due to weak growth and falling oil prices.
“Resource-rich countries are expected to see less progress in terms of poverty reduction,” it stated.
However, the Bank said rapid urbanisation presents an opportunity—if cities can offer infrastructure, jobs, and services to absorb growing populations.