World Bank Reveals How Nigeria’s Poverty Rate Surges To 139m Despite Reform Efforts
THECONSCIENCE NG reports that Despite Nigeria’s efforts to stabilise its economy, the World Bank warns that poverty remains a significant challenge, affecting approximately 139 million citizens.
“Despite these stabilisation gains, many households are still struggling with eroded purchasing power. Poverty, which began to rise in 2019 due to policy missteps and external shocks such as COVID-19, has continued to increase even after the reforms. In 2025, we estimate that 139 million Nigerians live in poverty,” the World Bank Country Director for Nigeria, Mathew Verghis, said on Wednesday.
Verghis spoke in Abuja at the launch of the October 2025 Nigeria Development Update titled, “From Policy to People: Bringing the Reform Gains Home.”
The poverty figure has increased sharply from 129 million in April 2025 and 87 million in 2023, reflecting deepening hardship among households.
“Over the last two years, Nigeria has commendably implemented bold reforms, notably around the exchange rate and the petrol subsidy. These are the foundations on which the country has the opportunity to build a programme that can transform its economic trajectory,” Verghis said.
He likened the current reform window to the historic policy shifts seen in countries like India in the early 1990s, noting that such rare opportunities must be seized decisively or risk being lost.
“These results are exactly what you need to see in a stabilisation phase. These are big achievements, and many countries would envy them,” he noted.
The World Bank chief cautioned that these macroeconomic improvements had yet to translate into improved living conditions for ordinary Nigerians.
“Food inflation affects everybody, particularly the poor. Persistent differences between Nigeria’s inflation rate and those of its trading partners will put pressure on the exchange rate and create a vicious cycle. Lower inflation will also allow interest rates to come down and support growth,” he stated.
The World Bank identified three critical priorities to convert Nigeria’s policy gains into improved living standards for its citizens: Reducing inflation, utilising public resources more effectively and expanding social protection coverage for the poor and vulnerable.
“Monetary and fiscal policies must be complemented by structural reforms aimed specifically at reducing food inflation, which is driven by deep-seated supply and market inefficiencies,” he added.
The World Bank also urged Nigeria to strengthen its public financial management systems to ensure that every naira spent delivers measurable development impact, and to expand the national social safety net to protect the poorest Nigerians from the impact of ongoing economic adjustments.
“The challenge is clear: to translate the gains from the stabilisation reforms into better living standards for all. These are not abstract ideas but practical steps that can turn macro stability into better livelihoods,” he said.
