Nigeria Should Get Ready for Poverty – World Bank

The World Bank has sounded a fresh alarm over Nigeria’s economic future, warning that poverty levels are set to climb even higher by 2027. 

This bleak projection, shared during the 2025 Spring Meetings of the International Monetary Fund (IMF) and the World Bank in Washington, D.C., has stirred deep concern among citizens, experts, and civil society groups.

Despite being Africa’s largest economy, Nigeria is facing a dangerous slide toward becoming the world’s hotspot for extreme poverty. The World Bank attributes this grim forecast to long-standing structural weaknesses, fragile governance, overdependence on oil, and an economy that has struggled to build resilience over the years.

It is a worsening poverty crisisAccording to recent data, over 106 million Nigerians were already living below the international poverty line of $2.15 per day in 2024. This staggering figure means that nearly 15% of the world’s extremely poor population now resides in Nigeria. 

The situation is expected to deteriorate further if urgent reforms are not implemented.

Observers have noted that the country’s current economic policies have failed to produce the kind of inclusive growth needed to lift millions out of poverty. 

Instead, the gap between the wealthy and the poor continues to widen, leaving Nigeria’s most vulnerable citizens increasingly exposed to hardship.

Civil society groups raise the alarmThe World Bank’s assessment has triggered strong reactions from various civil society organisations and economic experts. Dele Oye, President of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), described the situation as an embarrassment.

He stressed the need for immediate short-term strategies to shield the most at-risk Nigerians from further economic distress.

Similarly, ActionAid Nigeria’s Country Director, Andrew Mamedu, called the projections “deeply worrying but hardly surprising.” Mamedu criticized the government’s poor track record in governance, highlighting the failure to build strong public institutions and the tendency to prioritise luxury spending over addressing urgent poverty-related issues. 

He warned that if Nigeria continues down its current path, the consequences could include increased brain drain, social unrest, and deeper economic disillusionment.

Economic fragility on full displaySeveral factors have been identified as key drivers of Nigeria’s worsening poverty rate. Inflation remains stubbornly high, while the naira’s value has dropped significantly — falling by around 40%. Insecurity, particularly in the northern regions, has disrupted farming activities, threatening food supply and livelihoods. 

Moreover, a sluggish job market and limited entrepreneurial opportunities have left many Nigerians with few viable options, prompting a surge in unemployment and emigration.

Economic experts like Deji Adeyanju believe that without serious changes, Nigeria’s poverty crisis will only deepen. He emphasized that poor governance, combined with an economy that isn’t diversifying fast enough, has created a perfect storm that will be hard to escape from unless decisive action is taken.

A call for genuine economic reformThere is growing consensus among experts and stakeholders that Nigeria must pursue bold, structural reforms to reverse its economic slide. 

Reforms should focus not just on growth for growth’s sake but on making sure that economic benefits reach the most vulnerable populations.

“Real change must prioritise those who are suffering the most,” Mamedu said, warning that mere promises without practical action would only worsen inequality. Adeyanju added that unless governance improves and sustainable development is genuinely pursued, Nigeria’s poverty crisis could soon become even harder to control.