World Bank Says 139mln Nigerians Living in Poverty
World Bank country director for Nigeria, Mathew Verghis, revealed the grim statistics penultimate Wednesday during the launch of the latest Nigeria Development Update (NDU) report in Abuja.
He was particularly worried that the outcomes of recent President Bola Tinubu macroeconomic reforms have not translated into real improvements in citizens’ living standards, as new estimates show that about 139 million Nigerians are living in poverty.
Verghis said further that implementing bold policy reforms particularly the removal of petrol subsidy and exchange rate unification may appear as strong foundation for long-term growth in improved revenues, stabilising foreign exchange markets, growing reserves, and a gradual decline in inflation, however cautioned that millions of Nigerians have yet to feel the benefits of these reforms, warning that macroeconomic gains must be swiftly converted into welfare improvements.
“Despite these stabilisation gains, many Nigerians are still struggling. In 2025, we estimate that 139 million Nigerians live in poverty. The challenge is clear: how to translate reform gains into better living standards for all,” he said.
The new NDU report, titled “From Policy to People: Bringing the Reform Gains Home,” outlines a three-point agenda for sustaining progress — reducing inflation, improving the efficiency of public spending, and expanding social safety nets.
Verghis emphasized that curbing food inflation is particularly crucial to protecting the poor and maintaining public support for ongoing reforms.
“Food inflation affects everyone but hits the poor the hardest. It also threatens to undermine political support for reforms. Tight monetary policy is essential, but it must be complemented by structural measures that tackle supply and market bottlenecks,” he explained.
He further stressed the need for better management of public resources and stronger safety net programmes to cushion economic hardship and promote inclusive growth.
“These are not abstract ideas — they are practical steps that can turn macro-stability into improved livelihoods,” he said.
Verghis reaffirmed the World Bank’s commitment to supporting Nigeria’s reform agenda through policy advice, technical assistance, and financial support aimed at fostering sustainable development and shared prosperity.