World Bank Warns: Extreme Poverty Rising Fast in Nigeria

The World Bank has issued a stark warning that extreme poverty is rising rapidly in Nigeria
and 38 other countries grappling with conflict and instability, further aggravating hunger and
undermining progress toward global development goals.
In a statement released on Friday titled “Extreme Poverty is Rising Fast in Economies Hit by
Conflict, Instability”, the World Bank provided a post-pandemic assessment of countries it
classifies as Fragile and Conflict-Affected Situations (FCS). Nigeria features prominently on
this list, alongside nations such as Afghanistan, Syria, Sudan, Yemen, Haiti, the Democratic
Republic of Congo, and Venezuela.
“These countries include both those experiencing active conflict and others facing deep
instability,” the report noted. In Nigeria’s case, persistent insecurity driven by armed banditry
and widespread kidnappings in the Northwest, and a long-running insurgency in the
Northeast continues to fuel fragility and economic deterioration.
The World Bank found that the economies of countries classified as fragile or conflict-
affected have worsened considerably since the COVID-19 pandemic, even as other
developing nations have begun to recover. While developing economies outside this group
have seen average per capita GDP growth of 2.9 percent per year since 2020, the FCS
countries have experienced a steady decline, with their per capita GDP shrinking by an
average of 1.8 percent annually.
As a result, poverty rates in these fragile economies have soared. In 2024, approximately
421 million people in conflict-affected or unstable regions are surviving on less than $3 per
day. Alarmingly, the World Bank projects this figure will climb to 435 million by 2030,
representing nearly 60 percent of the world’s population living in extreme poverty. This
means that the majority of the world’s poorest people will be concentrated in these fragile
contexts if current trends continue.
The report also highlights a disparity in global attention, noting that while international focus
has recently centered on crises in Ukraine and the Middle East, Africa is bearing the
heaviest burden of poverty and instability. The World Bank emphasized that conflict and
fragility in African countries, including Nigeria, have more severe long-term development
implications if not urgently addressed.
Furthermore, the report calls for increased international support, strategic investment, and
coordinated policy interventions to address the root causes of fragility and help lift millions
out of extreme poverty. It stresses that without targeted action, the global goal of ending
extreme poverty by 2030 will remain out of reach.
In conclusion, the World Bank’s warning serves as a wake-up call for governments,
development partners, and the international community to prioritize peace-building, security,
and economic resilience in fragile states like Nigeria. Failure to do so, the report warns, will
deepen global inequality and leave millions behind.