The World Bank has projected that poverty in Nigeria will increase by 3.6 percentage points over the next five years, rising through 2027.
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, United States.
The report stressed 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.
According to the World Bank, Nigeria, alongside other resource-rich and fragile countries in Sub-Saharan Africa, will experience a worsening poverty situation—unlike non-resource-rich countries, which are expected to see faster poverty reduction.
“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.
Meanwhile, the senator representing Ondo south, Jimoh Ibrahim, has called on African economies, the World Bank, and the International Monetary Fund (IMF) to prioritise the use of data for Africa’s development.
Speaking on the sidelines of the IMF/World Bank spring meetings in Washington DC, United States, Ibrahim emphasised the role of data in economic and political development.
“Without data, no one can effectively reduce crime or operate a government aimed at achieving poverty reduction.
“Population data and individual details suggest that citizens should have an identity passport to capture pertinent information about who they are and what they do,” he said.
The senator cautioned the IMF against making projections without empirical data, arguing that such methods are flawed.
