{"id":64807,"date":"2025-04-25T11:14:33","date_gmt":"2025-04-25T11:14:33","guid":{"rendered":"https:\/\/abujacityjournal.com\/livenews\/?p=64807"},"modified":"2025-04-25T11:14:33","modified_gmt":"2025-04-25T11:14:33","slug":"more-nigerians-to-sink-deeper-into-poverty-world-bank-warns","status":"publish","type":"post","link":"https:\/\/abujacityjournal.com\/livenews\/2025\/04\/25\/more-nigerians-to-sink-deeper-into-poverty-world-bank-warns\/","title":{"rendered":"More Nigerians to Sink Deeper into Poverty, World Bank Warns"},"content":{"rendered":"<p><strong>By Adewunmi Oluwaseun<\/strong><\/p>\n<p><!--more--><\/p>\n<p>The World Bank has sounded the alarm over Nigeria\u2019s deepening economic crisis, projecting that more citizens will slip into poverty by 2027.<\/p>\n<p>&nbsp;<\/p>\n<p>In its latest Africa\u2019s Pulse report unveiled during the ongoing IMF-World Bank Spring Meetings in Washington, the institution warned that Nigeria, along with other resource-reliant nations, is headed for worsening poverty levels \u2014 despite modest gains in the non-oil sector in late 2024.<\/p>\n<p>&nbsp;<\/p>\n<p>\u201cPoverty in resource-rich, fragile countries \u2014 including Nigeria and the Democratic Republic of Congo \u2014 is projected to rise by 3.6 percentage points between 2022 and 2027,\u201d the report stated.<\/p>\n<p>&nbsp;<\/p>\n<p>This grim forecast places Nigeria among the hardest-hit countries in Sub-Saharan Africa, a region already grappling with the highest extreme poverty rate globally.<\/p>\n<p>&nbsp;<\/p>\n<p>In 2024 alone, the region housed 80 percent of the world\u2019s 695 million extremely poor people, with half concentrated in just four countries.<\/p>\n<p>&nbsp;<\/p>\n<p>The World Bank blames Nigeria\u2019s deteriorating poverty outlook on fragile institutions, weak fiscal frameworks, and overdependence on oil revenue \u2014 trends that mirror patterns in other conflict-prone, resource-based economies.<\/p>\n<p>&nbsp;<\/p>\n<p>While countries with diversified, agriculture-driven economies are seeing faster poverty reduction, Nigeria lags behind due to sluggish oil prices and ineffective economic management.<\/p>\n<p>&nbsp;<\/p>\n<p>To reverse the tide, the Bank urged Nigerian authorities to reform fiscal policies, strengthen governance, and build trust with citizens through inclusive development strategies aimed at long-term poverty alleviation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Adewunmi Oluwaseun<\/p>\n","protected":false},"author":13,"featured_media":64808,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[],"class_list":["post-64807","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/64807","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=64807"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/64807\/revisions"}],"predecessor-version":[{"id":64809,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/64807\/revisions\/64809"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/64808"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=64807"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=64807"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=64807"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}