World Bank: 139 Million Nigerians Now Living in Poverty Despite Economic Reforms | The Bureau News
By Enemona Samuel Endurance, Abuja
The Bureau News reports that about 139 million Nigerians are currently living in poverty, according to the World Bank’s Nigeria Development Update (NDU) launched on Wednesday in Abuja.
The World Bank Country Director for Nigeria, Mathew Verghis, said that while the government has taken bold steps toward economic reform, the impact is yet to be felt by most citizens. He commended the administration’s actions on exchange rate unification and petrol subsidy removal but warned that the benefits remain largely macroeconomic — not yet personal or household-level.
Reforms Lay Foundation for Long-Term Transformation
“Over the last two years, Nigeria has tremendously implemented bold reforms — notably around the exchange rate and petrol subsidy,” Verghis said. “These policies have laid the foundation for transforming Nigeria’s economic trajectory for decades to come.”
He noted that the reforms have started producing tangible results, including rising revenues, stabilised foreign exchange markets, improving debt indicators, growing reserves, and a gradual decline in inflation.
“Growth has picked up, revenues have risen, debt indicators are improving, the FX market is stabilising, reserves are rising, and inflation is finally beginning to come down. These are big achievements, and many countries would envy them,” he said.
139 Million Nigerians Living in Poverty
Despite these advances, the World Bank warned that millions of Nigerians are yet to feel any real improvement in their daily lives. “In 2025, we estimate that 139 million Nigerians live in poverty,” Verghis disclosed.
He stated that the key challenge is translating the gains from reforms into measurable improvement in living standards, calling for a shift “from policy to people.”
NDU Report Highlights Three-Pillar Strategy
The new Nigeria Development Update titled “From Policy to People: Bringing the Reform Gains Home” proposes a three-point strategy for bridging the gap between macroeconomic stability and human development:
- Taming inflation through consistent monetary and structural measures
- Improving public spending efficiency to ensure fiscal responsibility
- Expanding social safety nets to protect the poorest households
Verghis warned that food inflation remains a major threat to public confidence in the reform process. “Food inflation affects everybody, but particularly the poor, and it has the potential to undermine political support for reforms,” he cautioned.
Structural Reforms and Social Protection Needed
He stressed that while monetary tightening is essential, Nigeria must also tackle supply and market inefficiencies, invest in logistics infrastructure, and strengthen local agricultural production to sustain long-term stability.
“These are not abstract ideas — they are practical steps that can turn macro-stability into better livelihoods,” Verghis said, reaffirming that the World Bank will continue to support Nigeria through technical assistance, policy advice, and financial aid.
Food Prices Reflect Rising Economic Pressure
The Bureau News notes that rising food costs remain a major contributor to poverty in Nigeria. Market data from foodstuff price list Mile 12 Lagos today and foodstuff price list Wuse Market Abuja today show continued inflation across essential items such as rice, beans, and palm oil, with consumers reporting price hikes of up to 20% in the last quarter alone.
Today’s Top Food Prices in Lagos & Abuja — The Bureau News
| Item | Mile 12 (₦) | Wuse Market (₦) |
|---|---|---|
| Rice (50 kg) | 64,800 | 67,900 |
| Beans (50 kg) | 58,000 | 61,000 |
| Garri (50 kg) | 23,900 | 24,500 |
| Palm Oil (25 L) | 35,000 | 37,000 |
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