World Bank Reveals Stark Reality, Says 139 Million Nigerians Living in Poverty Despite Economic Reforms

…As Report Urges Government to Translate Reform Gains into Better Living Standards

About 139 million Nigerians are currently living in poverty, according to a new report by the World Bank, raising deep concern over the widening gap between economic reform gains and the daily realities of citizens.

Speaking during the official launch of the Nigeria Development Update (NDU) report on Wednesday in Abuja, the World Bank Country Director for Nigeria, Mathew Verghis, commended the Federal Government for its commitment to bold economic reforms but warned that the benefits have not yet trickled down to the average Nigerian.

“Over the last two years, Nigeria has tremendously implemented bold reforms, notably around the exchange rate and petrol subsidy. These policies have laid the foundation for transforming Nigeria’s economic trajectory for decades to come,” Verghis said.

Verghis highlighted that the reforms were beginning to yield positive macroeconomic outcomes, including rising revenues, improving debt indicators, stabilizing the foreign exchange market, and growing external reserves. He added that inflation, one of Nigeria’s most persistent economic challenges was showing early signs of decline.

“Growth has picked up, revenues have risen, debt indicators are improving, the FX market is stabilising, reserves are rising, and inflation is finally beginning to come down. These are big achievements, and many countries would envy them,” he noted.

Despite these visible macro-level improvements, the World Bank warned that the impact of these reforms remains largely unseen at the grassroots level, with millions of Nigerians continuing to struggle for survival.

“In 2025, we estimate that 139 million Nigerians live in poverty. The challenge is clear: how to translate the gains from the reforms into better living standards for all,” Verghis disclosed.

The newly launched NDU report, titled “From Policy to People: Bringing the Reform Gains Home,” outlines a three-point strategy aimed at helping Nigeria bridge the gap between economic stabilization and real social impact. The strategy focuses on taming inflation, improving public spending efficiency, and expanding social safety nets to protect vulnerable citizens.

Verghis stressed that food inflation remains one of the most critical threats to reform success and public confidence in government policies.

“Food inflation affects everybody, but particularly the poor, and it has the potential to undermine political support for reforms. Tight monetary policy is important, but it must be complemented by structural reforms to address deep-seated supply and market constraints,” he warned. 

He further emphasized the need for efficient resource management and inclusive programs that would cushion the harsh effects of economic adjustments, insisting that such efforts were vital to ensuring that economic progress is felt across all strata of society.

“These are not abstract ideas, they are practical steps that can turn macro-stability into better livelihoods,” Verghis said.

Reassuring Nigeria of continued international partnership, Verghis affirmed the World Bank’s commitment to supporting the country through policy advice, technical assistance, and targeted financing that would ensure that the benefits of reform “reach every household, not just the headlines.”

The report serves as both commendation and caution, praising Nigeria’s courage in implementing critical reforms while urging the government to focus on translating those macroeconomic gains into tangible improvements in citizens’ lives.