The World Bank has issued a grim economic forecast, projecting that poverty levels in Nigeria will increase by 3.6 percentage points by 2027 - potentially pushing 15 million more Nigerians into extreme poverty.
This alarming revelation comes from the Bank's Africa's Pulse report released during the IMF/World Bank Spring Meetings in Washington DC.
Key findings show:
Nigeria and DR Congo will bear the brunt of worsening poverty among resource-rich African nation
80% of global extreme poor now live in Sub-Saharan Africa
Over-reliance on oil and weak fiscal structures are crippling Nigeria's progress
Non-resource-rich African nations are seeing faster poverty reduction
"Resource wealth combined with fragility results in 46% poverty rates - 13 points higher than stable resource-rich countries,"the report states. Experts urge immediate fiscal reforms to reverse this dangerous trend.
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