The World Bank has raised urgent concerns over Nigeria’s deepening poverty crisis, revealing that 139 million Nigerians—nearly two-thirds of the population—now live in poverty, despite recent economic reforms aimed at stabilizing the country’s fiscal trajectory.
This alarming figure was disclosed during the launch of the World Bank’s October 2025 Nigeria Development Update (NDU), titled “From Policy to People: Bringing the Reform Gains Home.” The report commends Nigeria’s bold policy actions, including the removal of petrol subsidies and exchange rate unification, describing them as “foundational reforms” with the potential to reshape the nation’s long-term economic prospects.
Mathew Verghis, World Bank Country Director for Nigeria, acknowledged that these reforms have already yielded macroeconomic improvements such as rising revenues, stabilizing foreign exchange markets, increasing reserves, and easing inflation. However, he cautioned that these gains have yet to translate into tangible improvements in the lives of ordinary Nigerians.
“Despite these stabilisation gains, many households are still struggling with eroded purchasing power. In 2025, we estimate that 139 million Nigerians live in poverty,” Verghis stated.
The report highlights a sharp increase from 129 million in April 2025 and 87 million in 2023, underscoring the widening gap between macroeconomic progress and household welfare.
Verghis warned that persistent inflation could erode political support for reforms and stall recovery. He emphasized that lower inflation would allow interest rates to fall, stimulate growth, and restore purchasing power.
While acknowledging the Central Bank of Nigeria’s tight monetary stance and the government’s fiscal restraint, the World Bank stressed that more targeted interventions are needed to curb inflation and improve living standards.