World Bank Sounds Red Alert: Extreme Poverty Spreading Like Wildfire In Nigeria

Extreme poverty is escalating at an alarming rate in Nigeria, the World Bank has cautioned.

The World Bank has raised the alarm over the surge in extreme poverty across nations plagued by conflict and instability, including Nigeria. This warning was issued in its latest report titled “Extreme Poverty is Rising Fast in Economies Hit by Conflict, Instability,” released on Friday, June 27.

In the report, the Bretton Woods institution identified Nigeria as one of 39 countries severely impacted by insecurity, which has aggravated hunger and pushed development goals further out of reach.

The assessment, focused on the post-COVID state of fragile and conflict-affected countries, also listed Afghanistan, Sudan, Syria, Yemen, Haiti, the Democratic Republic of Congo, and Venezuela. The World Bank emphasized that these nations face either active conflict or deep political and economic instability.

Nigeria, in particular, continues to battle worsening insecurity from banditry, kidnappings, and terrorism—especially in its northern regions. A recent example is the deadly attack that claimed nearly 200 lives in Yelewata and Daudu communities of Guma Local Government Area, Benue State, reportedly carried out by suspected herdsmen, according to The ICIR.

This tragic incident is part of a broader pattern of violence that has displaced thousands, destroyed livelihoods, and left farmland abandoned due to fear, further worsening the country’s food security crisis.

The World Bank noted that while many developing countries are rebounding economically post-pandemic, fragile states like Nigeria are regressing. Since 2020, per capita GDP in these economies has declined by an average of 1.8% annually, in contrast to a 2.9% annual increase in other developing nations.

According to the report, 421 million people currently live on less than $3 per day in conflict-affected or unstable nations, surpassing the total in all other regions combined. That figure is projected to climb to 435 million by 2030, representing nearly 60% of the world’s extreme poor.

Despite global focus on regions like Ukraine and the Middle East, the World Bank underscored that Africa bears the heaviest burden, with over 70% of people living in conflict or instability located on the continent.

Ayhan Kose, the World Bank Group’s Deputy Chief Economist and Director of the Prospects Group, remarked that for more than 15 years, economic stagnation—not progress—has been the norm in conflict-ridden economies.

“To reverse this trend, the international community must focus more on these vulnerable regions,” Kose urged. “Though challenging, it is possible to ignite growth with the right strategies. Through targeted policies and increased global support, countries can rebuild governance, foster economic expansion, and generate employment opportunities.”