139 Million Nigerians Still in Poverty Despite Macro-Economic Reforms, Warns World Bank

Although Nigeria has made strides in stabilizing its economy through recent reforms, about 139 million Nigerians are still living in poverty, according to the latest World Bank report.

• Mathew Verghis, Country Director for Nigeria at the World Bank, stated this during the launch of the October 2025 Nigeria Development Update, titled “From Policy to People: Bringing the Reform Gains Home.”

  He commended the federal government’s bold reforms—such as removing the petrol subsidy and unifying the exchange rate—which have begun delivering macroeconomic improvements including increased revenues, stabilized foreign exchange markets, a growing foreign reserves position, and a gradual decline in inflation.

  However, Verghis emphasized that many Nigerians have yet to see these improvements in their daily lives. Inflation, especially for food, remains high and continues to undermine purchasing power for low-income households.

  The report warns that while policy reforms have laid the groundwork for stabilization, additional measures are needed. Key among them are: improving the efficiency of public spending, expanding social safety nets, and implementing structural reforms in food production and supply chains.

  The World Bank pointed out that nearly 61% of Nigeria’s population are now estimated to live below the national poverty line—this marks a steep rise from previous years. Many poor households, who spend large portions of their income on food, are particularly vulnerable.

  
  Verghis called for the face-of-the citizen to be considered in policy implementation—to ensure reforms translate into tangible welfare gains. Unless inflation is reined in and social protection widened, the risk is that economic stabilization will remain a promise unfulfilled for millions.