The World Bank’s latest report paints a grim picture of poverty in Africa, with Nigeria leading the pack as the country with the highest share of the global population living below the extreme poverty line.
Despite abundant resources, the poverty rate in Nigeria stands at a staggering 11.3%. “An estimated 87 million Nigerians live below the poverty line, the world’s second-largest poor population after India,” it stated.
The Democratic Republic of Congo (DRC) is not far behind, with 74.6% of its population living on less than $2.15 a day.
The World Bank estimates that 35 per cent of people in Sub-Saharan Africa live in extreme poverty, with 38 out of 48 countries in the region classified as fragile.
“Fragility, conflict, and violence, or, more generally, the lack of peace and security, are some of the key barriers to poverty reduction in Sub-Saharan Africa,” the World Bank stated.
Statista’s data revealed that a shocking 429 million people on the continent are living below the extreme poverty level in 2024, representing around one-third of Africa’s population. Nigeria alone accounts for 11.3% of this global share.
The poverty crisis extends beyond Nigeria and the DRC. Tanzania, Mozambique, Madagascar, Uganda, and Kenya are among the countries with significant populations living in extreme poverty.
In Kenya, 80% of employed individuals struggle with poverty due to insufficient wages, according to the International Labour Organisation.
The impact of the COVID-19 pandemic has exacerbated the situation, with over 198 million people potentially falling into poverty between the start of the pandemic and the end of 2022, according to the World Bank.
South Sudan and Burundi are highlighted as the poorest countries globally, with GDP-PPP per capita figures painting a dire economic reality.
The United Nations Development Programme’s findings further underscore the depth of poverty in Africa, with high percentages of multidimensional poverty and vulnerability in countries like Tanzania, Mozambique, and Madagascar.
As Africa grapples with this poverty crisis, urgent action is needed to address the root causes and provide sustainable solutions to lift millions out of extreme poverty.
