The World Bank says poverty in Nigeria remains alarmingly high despite President Bola Ahmed Tinubu’s economic reforms aimed at stabilising the economy.
Millions Still in Poverty Despite Growth
Speaking at the launch of the Nigeria Development Update (NDU) in Abuja, the bank’s Country Director for Nigeria, Mathew Verghis, revealed that 139 million Nigerians are living in poverty in 2025.
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He noted that while government revenue has increased and the economy has expanded, most households are still struggling with high prices and low purchasing power.
“Despite these stabilisation gains, many Nigerians are still struggling. The challenge is how to translate these gains into better living standards for all,” Verghis said.
The World Bank praised Nigeria for improving foreign reserves, reducing fiscal deficits, and stabilising the exchange rate, but said these achievements have not improved daily life for most citizens. It advised the federal government to focus on reducing food inflation, using public resources more effectively, and expanding social safety nets to protect vulnerable Nigerians.
The report projected that Nigeria’s economy could grow by 4.4 percent by 2027, driven by services, agriculture, and non-oil industries. However, it warned that inflation and the high cost of food remain major threats that could wipe out any economic progress.
Experts Warn of Non-Inclusive Growth
Economist Professor Uche Uwaleke described the report as a wake-up call, saying it shows that Nigeria’s growth has not translated into real improvements in people’s lives. He urged the government to direct more investment into agriculture, manufacturing, and human capital development to make growth inclusive and sustainable.
Another economist, Dr. Omotayo Lawal of Al-Hikmah University, said Nigeria’s growth is “not inclusive,” as reforms have not reached the poor. He blamed inconsistent policies and high inflation for weakening the economy and eroding the income of ordinary citizens.
“When inflation remains high and purchasing power declines, no policy can be said to be working,” Lawal said, adding that the government must stabilise prices and promote food security to reduce poverty.
The Pan-Yoruba socio-political group, Afenifere, also criticised the government’s claims of economic recovery, calling them “media spin.” The group said the removal of fuel subsidies and currency devaluation had caused many businesses to collapse and pushed millions of Nigerians deeper into poverty.
“While a few elites benefit, the average Nigerian worker’s purchasing power has been wiped off by devaluation and inflation,” Afenifere said in a statement.
Citizens Still Struggling
Across the country, many Nigerians said they have yet to feel the impact of the government’s reforms. Hamza Bunkure, a resident of Kano, said, “People still find it difficult to buy food. Electricity is not stable, and fuel is too expensive.”
Others, like Ibrahim Rufai, said food prices are beginning to fall due to relaxed import restrictions but warned that local farmers may face losses as prices continue to drop. He called on the government to buy farm produce at good prices to support local farmers.
Several citizens urged both leaders and the public to rebuild trust and work together toward national progress. Babatunde Rahman, one respondent, said, “Until there is honesty, accountability, and a shared vision, economic stability and growth will remain difficult to achieve.”
Experts agree that while Nigeria has made progress in stabilising its economy, more effort is needed to ensure that growth benefits everyone, not just a small section of the population.