The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, NACCIMA, and the Organised Private Sector of Nigeria, OPSN, have expressed alarm over a World Bank forecast warning that Nigeria’s poverty rate could climb to 56% by 2027.
In a statement at the weekend, NACCIMA President Dele Kelvin Oye called for urgent and coordinated measures to reverse the trend. The World Bank estimates that 104 million Nigerians, 47% of the population, were living below the poverty line in 2023, up sharply from 40% in 2018.
Also Read: Federal Government Says 88.4m People In Nigeria Living In Extreme Poverty
Rural communities have borne the brunt, with poverty levels rising from 67 million to 84 million people, while urban poverty has almost doubled.
Citing sluggish economic growth, high inflation, and deepening rural-urban disparities, the Bank warned of worsening conditions without reform.
NACCIMA’s proposals include targeted stimulus programmes, expanded credit access, agricultural investment, tax reforms, and vocational training initiatives focused on youth and women.
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