HUMANITARIAN
PwC Warns of Deepening Hardship as Nigeria’s Poverty Rate Projected to Hit 62% by 2026, Putting 141 Million Citizens at Risk
Poverty levels in Nigeria are projected to deteriorate sharply over the next two years, with as many as 141 million people, about 62 per cent of the country’s population, expected to be living in poverty by 2026, according to a new report by PricewaterhouseCoopers (PwC).
The grim outlook is contained in PwC’s Nigeria Economic Outlook 2026, released yesterday under the theme Turning Macroeconomic Stability into Sustainable Growth. The report cautions that recent economic policy adjustments introduced to stabilise the macroeconomic environment have yet to deliver meaningful improvements in the living conditions of ordinary Nigerians.
PwC noted that although headline inflation is expected to ease gradually, the relief may not be sufficient to improve household welfare. Weak real income growth, combined with persistently high living costs, is projected to erode purchasing power and push millions more Nigerians below the poverty line.
According to the report’s estimates, Nigeria’s poverty rate is set to climb to 62 per cent by 2026, underscoring the cumulative impact of sluggish income expansion and prolonged inflationary pressures. The firm stressed that income growth for most Nigerians is unlikely to keep pace with the rising cost of goods and services in the near term.
As a consequence, households, especially those at the lower end of the income distribution are expected to remain extremely vulnerable to economic shocks.
PwC warned that without deliberate and inclusive policy measures aimed at boosting real incomes and cushioning the most vulnerable, poverty could become even more entrenched, undermining long-term economic stability and social cohesion.