The latest projection by the World Bank, forecasting a 3.6 percentage point rise in poverty in Nigeria by 2027, signals a deepening socioeconomic crisis that cannot be ignored.
Development Diaries reports that the World Bank, in its Africa’s Pulse report 2025, states 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.
This means more Nigerians will likely fall below the poverty line in the coming years.
According to the report, Nigeria now accounts for 19 percent of extremely poor people in Sub-Saharan Africa and 15 percent of the world’s poorest population.
This means that more than 106 million Nigerians live in extreme poverty, surviving on less than $2.15 per day
The report also compares Nigeria with other African countries. It shows that nations that are not heavily reliant on natural resources are reducing poverty faster.
For example, countries like Rwanda and Kenya are making better progress because they have more stable economies and stronger social systems.
Meanwhile, resource-rich countries like Nigeria and the Democratic Republic of Congo are seeing poverty get worse.
Currently, about 63 percent of Nigerians (over 133 million people) are considered multidimensionally poor, according to the National Bureau of Statistics (NBS).
The World Bank has urged Nigeria to focus on improving fiscal policies and strengthening the social contract between government and citizens. This includes better management of public funds, more transparency, and targeted investments in education, healthcare, and social safety nets.
Given this grim outlook, President Bola Tinubu, Minister of Finance, Wale Edun, and Minister of Budget and Economic Planning Abubakar Bagudu must act swiftly.
The government needs to roll out a well-monitored national poverty reduction strategy that is backed by solid data, focuses on job creation, supports small businesses, and expands access to basic services.
Development Diaries calls on President Tinubu to commit to a national poverty reduction strategy that is both data-driven and people-focused.
Photo source: World Bank
