The April 2025 Africa's Pulse report by the World Bank reveals that Nigeria, under President Bola Tinubu, has the highest number of extremely poor people globally. In Nigeria latest news today, the report reveals the severity of the poverty level in Nigeria, highlighting the economic challenges Nigerians continue to face under the present administration.
Sub-Saharan Africa and Extreme Poverty
The World Bank report points out that Sub-Saharan Africa remains the world's continent with the highest percentage of extreme poverty, and the majority of this poverty is concentrated in a limited number of countries. From the data, Nigeria leads with the highest number of the extremely poor in Sub-Saharan Africa at a whopping 19%, followed by the Democratic Republic of Congo at 14%, Ethiopia at 9%, and Sudan at 6%. This startling number is frequently referenced in Nigeria latest news today as a key indicator of the country's economic condition.
Breakdown of Poverty Statistics in Nigeria
The document also states that about 80% of the world's projected 695 million extremely poor persons reside in Sub-Saharan Africa. In comparison, 8% of the population is located in South Asia, 2% in East Asia and the Pacific, 5% in the Middle East and North Africa, and 3% in Latin America and the Caribbean. This is what brings Nigeria latest news today into perspective, as it presents the country's disproportionate share of the world's poverty problem. Nigeria's 19% of the 560 million extreme poor of Sub-Saharan Africa is equivalent to approximately 106 million people. This is also equivalent to 15.25% of the world's overall 695 million extremely poor.
Nigeria's Contribution to Global Extreme Poverty
The World Bank report highlights Nigeria, the Democratic Republic of Congo, Ethiopia, and Sudan as the four countries that collectively account for half of the 560 million extreme poor in Sub-Saharan Africa. This goes to highlight the seriousness of Nigeria latest news today, where the country's contribution to world poverty is a giant concern.
Grim Future for Nigeria's Economic Outlook
In the future, the World Bank predicted that even more Nigerians will be driven into poverty by 2027 under President Tinubu. With President Tinubu entering his second year in office, having assumed office on May 29, 2023, his administration has already enacted controversial economic policies, including the removal of fuel subsidies and the consolidation of the exchange rate, which still continue to influence Nigeria latest news today. These economic policies are being watched closely since their long-term impact on the country's poverty level is yet to be determined.
IMF's Review of Nigeria's Economic Policies
Just last month, the International Monetary Fund (IMF) re-emphasized doubts over Nigeria's economic future, citing that even with the government's reforms, tangible benefits to the Nigerian people are yet to be observed. Poverty and hunger remain rampant, with the IMF noting that Nigeria still remains plagued by economic uncertainty. This is an issue in Nigeria latest news today, where experts and analysts are questioning the effectiveness of the Tinubu government's policies in alleviating poverty.
The Demand for Better Economic Policies
While the IMF acknowledged that the government reforms initiated by Tinubu have positioned Nigeria to better cope with external shocks, it also cautioned that large macroeconomic vulnerabilities remain. It emphasized the need for stronger policies to build greater resilience and facilitate good conditions for private sector-led growth. This has been a staple in Nigeria latest news today, as the country grapples with its economic future.
Mass Economic Challenges and Demonstrations
Tinubu's economic policies, particularly the devaluation of the naira and the elimination of fuel subsidies, have led to mass economic challenges. In August 2024, there were mass demonstrations across the country, with Nigerians demanding an end to bad governance and hunger. President Tinubu has, however, defended the policies as sacrifices to Nigeria's long-term economic development. This topic continues to be at the top of Nigeria latest news today, with most Nigerians doubting whether these policies will yield the guaranteed outcomes.
Conclusion: A Hopeful but Uncertain Future
As the Nigerian economy evolves, the future of the country is in the balance. While the reforms of President Tinubu are viewed as the long-term recovery path, the short-term impact on Nigeria's extreme poverty level cannot be disputed. In Nigeria latest news today, the subject matter and government response to address it remain a point of emphasis, with the country at a crossroads in its economic history.