{"id":24856,"date":"2025-04-25T14:52:51","date_gmt":"2025-04-25T14:52:51","guid":{"rendered":"https:\/\/fctnewsgazette.com\/?p=24856"},"modified":"2025-04-25T14:52:52","modified_gmt":"2025-04-25T14:52:52","slug":"world-bank-warns-poverty-in-nigeria-set-to-rise-by-2027","status":"publish","type":"post","link":"https:\/\/fctnewsgazette.com\/?p=24856","title":{"rendered":"World Bank Warns: Poverty in Nigeria Set to Rise by 2027"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><em>By Aliyu Nasir <\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A new report from the World Bank predicts a troubling increase in poverty across Nigeria and other resource-rich yet fragile African nations. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to the Africa Pulse report, released during the IMF-World Bank Spring Meetings in Washington, DC, poverty in Nigeria and the Democratic Republic of Congo is expected to climb by 3.6 percentage points between 2022 and 2027.  <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cSub-Saharan Africa continues to have the highest extreme poverty rate globally, with a disproportionate concentration of the poor: In 2024, 80% of the world\u2019s 695 million extreme poor lived in Sub-Saharan Africa,\u201d the report stated.  <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The study highlights that half of the region\u2019s 560 million extreme poor are concentrated in just four countries. By contrast, South Asia accounts for 8% of the global extreme poor, East Asia and the Pacific 2%, the Middle East and North Africa 5%, and Latin America and the Caribbean just 3%. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The World Bank attributes the worsening poverty in resource-rich nations to sluggish oil prices and unstable fiscal systems. Meanwhile, non-resource-rich countries are seeing stronger economic growth, driven by rising agricultural commodity prices. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;This follows a well-established pattern whereby resource wealth combined with fragility or conflict is associated with the highest poverty rates\u2014averaging 46% in 2024, which is 13 percentage points higher than in non-fragile, resource-rich countries,\u201d the report added.  <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The findings underscore the persistent economic challenges facing Nigeria and other fragile, resource-dependent economies in the region.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Aliyu Nasir A new report from the World Bank predicts a troubling increase in poverty across Nigeria and other resource-rich yet fragile African nations. According to the Africa Pulse report, released during the IMF-World Bank Spring Meetings in Washington, DC, poverty in Nigeria and the Democratic Republic of Congo is expected to climb by 3.6 percentage points between 2022 and 2027. \u201cSub-Saharan Africa continues to have the highest extreme poverty rate globally, with a disproportionate concentration of the poor: In 2024, 80% of the world\u2019s 695 million extreme poor lived in Sub-Saharan Africa,\u201d the report stated. The study highlights that half of the region\u2019s 560 million extreme poor are concentrated in just four countries. By contrast, South Asia accounts for 8% of the global extreme poor, East Asia and the Pacific 2%, the Middle East and North Africa 5%, and Latin America and the Caribbean just 3%. The World Bank attributes the worsening poverty in resource-rich nations to sluggish oil prices and unstable fiscal systems. Meanwhile, non-resource-rich countries are seeing stronger economic growth, driven by rising agricultural commodity prices. &#8220;This follows a well-established pattern whereby resource wealth combined with fragility or conflict is associated with the highest poverty rates\u2014averaging 46% in 2024, which is 13 percentage points higher than in non-fragile, resource-rich countries,\u201d the report added. The findings underscore the persistent economic challenges facing Nigeria and other fragile, resource-dependent economies in the region.<\/p>\n","protected":false},"author":2,"featured_media":24857,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[61],"tags":[],"class_list":["post-24856","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=\/wp\/v2\/posts\/24856","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=24856"}],"version-history":[{"count":1,"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=\/wp\/v2\/posts\/24856\/revisions"}],"predecessor-version":[{"id":24858,"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=\/wp\/v2\/posts\/24856\/revisions\/24858"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=\/wp\/v2\/media\/24857"}],"wp:attachment":[{"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24856"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24856"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fctnewsgazette.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24856"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}