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Olugbemi. Adeyinka Ogunleye
5 days ago
Overview
Why more Nigerians will fall into poverty by 2027 - World Bank
“Importantly, poverty in resource-rich, fragile countries (which include large countries like the Democratic Republic of Congo and Nigeria) is expected to increase by 3.6 percentage points over 2022–27, being the only group in the region with increasing poverty rates.”
The World Bank on Thursday said that poverty in Nigeria will increase by 3.6 percentage points over the next five years through 2027. The bank made the disclosure in its Africa’s 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 non-resource-rich countries are expected to continue reducing poverty faster than resource-rich countries, adding that due to higher prices of agricultural commodities, non-resource-rich countries will see higher growth overall, despite fiscal pressures.
“Conversely, resource-rich countries are not expected to grow at the same rate given decelerating oil prices. As a result, resource-rich countries are expected to see less progress in terms of poverty reduction (figure 1.10).
“Importantly, poverty in resource-rich, fragile countries (which include large countries like the Democratic Republic of Congo and Nigeria) is expected to increase by 3.6 percentage points over 2022–27, being the only group in the region with increasing poverty rates.”
