Key Points

• 139 million Nigerians are still living in poverty, says World Bank.

• Economic reforms must translate into improved living standards.

• The Bank urges stronger safety nets and inflation control.

The World Bank has warned that despite recent economic reforms, about 139 million Nigerians are still living in poverty.

The institution urged the federal government to ensure that macroeconomic progress translates into better living standards for citizens.

During the launch of the Nigeria Development Update (NDU) report in Abuja, Country Director for Nigeria, Mathew Verghis, praised the federal government for implementing key reforms such as petrol subsidy removal and exchange rate unification.

He said these bold measures had begun to stabilise the economy and set the foundation for sustainable growth.

“Over the last two years, Nigeria has implemented major reforms around the exchange rate and petrol subsidy.

These policies have laid the foundation for transforming the country’s economic trajectory for decades to come,” Verghis said.

139 million Nigerians living in poverty despite reform gains

Verghis noted that while growth and revenues have improved, inflation and poverty remain major challenges.

“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 major achievements, and many countries would envy them,” he stated.

However, he cautioned that many Nigerians have yet to experience relief. “Despite these stabilisation gains, many Nigerians are still struggling.

In 2025, we estimate that 139 million Nigerians live in poverty. The challenge is clear: how to translate reform gains into better living standards for all,” he added.

World Bank outlines steps to translate reform gains to citizens

The latest NDU report, “From Policy to People: Bringing the Reform Gains Home,” sets out a three-point plan: reduce inflation, improve public spending, and expand social safety nets.

Verghis emphasized that addressing food inflation is crucial, as it disproportionately affects the poor and could weaken support for reforms.

“Food inflation affects everyone but hits the poor the hardest. Tight monetary policy is essential, but it must be complemented by structural measures that tackle supply and market bottlenecks,” he explained.

He also called for efficient management of public resources and stronger welfare programmes to promote inclusive growth.

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

The World Bank reaffirmed its commitment to supporting Nigeria’s reform agenda through policy advice, technical aid, and financial assistance to promote sustainable development.