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<p>The World Bank on Thursday projected that poverty in Nigeria will increase by 3.6 percentage points over the next five years, rising through 2027.</p><div class="nN3EQvUj" style="clear:both;float:left;width:100%;margin:0 0 20px 0;"><script async src="https://pagead2.googlesyndication.com/pagead/js/adsbygoogle.js"></script>

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<p>This was contained in the Bank’s Africa’s Pulse report released during the ongoing Spring Meetings of the International Monetary Fund, IMF, and the World Bank in Washington, DC.</p>
<p>The report paints a troubling outlook for poverty reduction in Nigeria, stressing that despite some recent gains in economic activity, especially in the non-oil sector during the last quarter of 2024, structural issues related to resource dependence and national fragility are likely to hinder progress.</p>
<p>The World Bank said Nigeria and other resource-rich and fragile countries in Sub-Saharan Africa, will experience an exacerbating poverty situation, unlike non-resource-rich countries, which are expected to see faster poverty reduction.</p>
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<p>“Poverty in resource-rich, fragile countries—including large economies like Nigeria and the Democratic Republic of Congo—is projected to increase by 3.6 percentage points between 2022 and 2027,” the report stated.</p>
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<p>The report underscores that Sub-Saharan Africa continues to have the highest extreme poverty rate globally, with a disproportionate concentration of the poor: In 2024, 80% of the world’s 695 million extreme poor lived in Sub-Saharan Africa.</p>
<p>The report further said that within the region, half of the 560 million extreme poor were located in just four countries.</p>
<p>In comparison, South Asia accounted for 8%, East Asia and the Pacific 2%, the Middle East and North Africa 5%, and Latin America and the Caribbean 3%.</p>
<p>Resource-rich countries are expected to lag in poverty reduction due to slowing oil prices and weak fiscal structures. Conversely, non-resource-rich countries are benefiting from high agricultural commodity prices, which are fueling stronger growth despite fiscal pressures.</p>
<p>This follows a well-established pattern whereby resource wealth combined with fragility or conflict is associated with the highest poverty rates—averaging 46% in 2024, which is 13 percentage points higher than in non-fragile, resource-rich countries,” the report added.</p>
<p>The World Bank, in light of these projections, recommends that Nigeria and similar economies focus on improving fiscal management and building a stronger fiscal contract with citizens to promote inclusive economic development and long-term poverty alleviation.</p>
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