Despite recent economic reforms that have boosted government revenues and stabilized key indicators, about 139 million Nigerians are still living in poverty, according to the World Bank.
The Country Director of the World Bank in Nigeria, Mathew Verghis, disclosed this on Wednesday in Abuja during the launch of the latest Nigeria Development Update (NDU).
Verghis said that while Nigeria’s economy has shown signs of recovery and improved stability, the benefits of these reforms have not yet translated into better living conditions for most citizens.
“Nigeria’s economic growth has picked up, revenues are rising, debt indicators are improving, the foreign exchange market is stabilizing, reserves are rising, and inflation is beginning to ease,” he noted. “These are big achievements. However, despite these stabilization gains, many Nigerians are still struggling. In 2025, we estimate that 139 million Nigerians live in poverty.”
He explained that the number of people living in poverty began to rise in 2019 due to policy missteps and external shocks such as the COVID-19 pandemic and has continued to grow despite ongoing reforms.
The World Bank urged the Nigerian government to complement macroeconomic stabilization with strong social protection measures and inclusive policies to ensure that economic gains reach ordinary citizens.
