“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”
A new World Bank report projects rising poverty in Nigeria and other resource-dependent African nations, contrasting with gains in agricultural economies.
The Africa’s Pulse report, released during IMF/World Bank Spring Meetings, forecasts Nigeria’s poverty rate will climb 3.6 percentage points through 2027. Despite Q4 2024 non-oil sector growth, structural weaknesses in oil-reliant economies like Nigeria and DRC are exacerbating poverty. “Resource-rich, fragile countries will see poverty increase,” the report stated, noting Sub-Saharan Africa hosts 80% of the world’s 695 million extreme poor.
While agricultural commodity booms benefit non-resource-rich nations, Nigeria faces headwinds from volatile oil prices and fiscal instability. The report highlights a continental divide: half of Africa’s extreme poor live in just four countries, with Nigeria likely remaining a poverty epicenter without policy interventions.