The World Bank has projected a bleak outlook for Nigeria’s economy, with a position that a greater number of Nigerians will fall into poverty under the incumbent administration led by President Bola Tinubu.
In its April 2025 Africa’s Pulse report, the World Bank anticipated a 3.6 percentage point rise in poverty levels in Nigeria by 2027, which coincides with the conclusion of Tinubu’s first term.
The report highlighted that poverty in resource-rich yet fragile nations, including significant countries like the Democratic Republic of Congo and Nigeria, is projected to increase by 3.6 percentage points from 2022 to 2027, marking them as the only group in the region experiencing rising poverty rates.
The World Bank elaborated that this forecast aligns with a recognized trend where resource wealth, coupled with fragility or conflict, correlates with elevated poverty rates—an average of 46 percent in 2024, which is 13 percentage points higher than that of non-fragile, resource-rich nations.
Furthermore, the World Bank noted that Nigeria has the highest number of extremely impoverished individuals globally.
This assessment follows closely on the heels of a statement from the International Monetary Fund (IMF), which remarked that Tinubu’s economic strategies have yet to produce significant advantages for Nigerians, as poverty and food insecurity continue to be pervasive.
The IMF acknowledged that while the reforms initiated by the Tinubu administration have positioned the Nigerian economy more favorably to navigate external challenges, the nation still grapples with economic instability.
“The outlook is marked by significant uncertainty. Elevated global risk sentiment and lower oil prices impact the Nigerian economy. Looking ahead, macroeconomic policies need to further strengthen buffers and resilience, while creating enabling conditions for private sector-led growth,” the IMF said.
The economic policies implemented by Tinubu, particularly the elimination of fuel subsidies and the unification of exchange rates, have resulted in unparalleled economic difficulties in Nigeria, with fuel prices soaring from ₦145 to over ₦900, and the dollar now valued at over ₦1,600.
In August 2024, a significant number of Nigerians participated in a 10-day protest across the nation, expressing their discontent with poor governance and widespread hunger.
However, President Tinubu has consistently asserted that these challenges are an essential sacrifice for achieving long-term economic recovery and has asked Nigerians to bear with the government.
