World Bank Projects Nigeria’s Poverty Decline Amidst Economic Growth

President Tinubu acknowledged the World Bank’s report indicating poverty stabilization since 2019, with expectations of gradual decline as GDP growth outpaces population expansion.

The World Bank forecasts average economic growth of at least 4.4 per cent from 2026 to 2028, supporting projected poverty reduction.

Higher global fuel prices tied to Middle East tensions have slowed inflation reduction, though the World Bank anticipates inflation easing to 12 per cent by 2028.

Reforms initiated in 2023 increased federation revenue by 69 per cent in real terms through 2025, with states benefiting most significantly.

Internally generated revenue grew in real terms across 31 of 35 states, while 21 states reduced their debt-to-GDP ratio between 2021 and 2025.

Nigeria’s public debt is projected to decrease from 40.0 per cent of GDP in 2025 to 38.1 per cent in 2026.