139m Nigerians now in poverty despite reform gains – World Bank

PUNCH October 8, 2025

By Damilola Aina

The World Bank has expressed concern that despite Nigeria’s recent economic stabilisation efforts, about 139 million citizens are now living in poverty, warning that the country risks losing reform gains if they fail to translate into tangible improvements in people’s welfare.

The World Bank Country Director for Nigeria, Mathew Verghis, disclosed this on Wednesday in Abuja at the launch of the October 2025 Nigeria Development Update titled, “From Policy to People: Bringing the Reform Gains Home.”

The Nigeria Development Update is the bank’s biannual flagship report that reviews economic trends, policy outcomes, and key challenges facing Nigeria…..
However, the World Bank chief cautioned that these macroeconomic improvements had yet to translate into improved living conditions for ordinary Nigerians.

The new figure indicates a sharp increase from 129 million recorded in April 2025 and 87 million in 2023, reflecting the deepening hardship among households despite ongoing economic reforms.

Verghis stated that the report identified three critical priorities to convert Nigeria’s policy gains into improved living standards for its citizens: reducing inflation, utilising public resources more effectively, and expanding social protection coverage for the poor and vulnerable.

He emphasised that addressing food inflation must be at the heart of Nigeria’s policy response, warning that persistently high food prices could erode political support for reforms and hinder recovery.

“Food inflation affects everybody, particularly the poor. Persistent differences between Nigeria’s inflation rate and those of its trading partners will put pressure on the exchange rate and create a vicious cycle. Lower inflation will also allow interest rates to come down and support growth,” he stated.

The World Bank also urged Nigeria to strengthen its public financial management systems to ensure that every naira spent delivers measurable development impact, and to expand the national social safety net to protect the poorest Nigerians from the impact of ongoing economic adjustments.

The country director said the World Bank remained committed to supporting Nigeria’s economic reform agenda through policy advice, technical assistance, and financing, stressing that success would depend on sustained political will and inclusive dialogue.
The World Bank noted that while Nigeria had made notable progress in macroeconomic stabilisation, sustaining reforms and ensuring that benefits reach ordinary citizens would determine the country’s long-term success.