The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and the Organised Private Sector of Nigeria (OPSN) have expressed concerns over the World Bank’s projection that Nigeria’s poverty rate could soar to 56 per cent by 2027, calling for urgent, decisive and coordinated action to reverse the trend.

According to the World Bank, 104 million Nigerians, about 47 per cent of the population were living below the poverty line in 2023, up from 40 per cent in 2018. The report cited sluggish economic growth, high inflation, and rising rural-urban disparities as key drivers of the trend.

Particularly affected are rural communities, where poverty levels have jumped from 67 million to 84 million people, while urban areas saw an increase from 13 million to 20 million.

The World Bank, in its latest report, predicted that poverty will continue to rise in the coming years, potentially reaching 56 per cent by 2027.

In a statement at the weekend, the NACCIMA President, Dele Kelvin Oye Esq., however, outlined a 13-point short-term measures to halt and reverse the projected rise in poverty.