Despite recent policy reforms aimed at stabilizing Nigeria’s economy, an estimated 139 million Nigerians remain in poverty, according to a new World Bank report released this week.
The report acknowledged the Federal Government’s bold economic measures, including the removal of fuel subsidies and the unification of foreign exchange rates, describing them as necessary steps toward long-term fiscal sustainability. However, it cautioned that the immediate benefits of these reforms have yet to reach the majority of citizens.
According to the Bank, the combined impact of rising food inflation, currency depreciation, and high living costs has eroded household purchasing power, leaving millions unable to meet basic needs. It stressed that while macroeconomic indicators show gradual improvement, the realities for many Nigerians remain dire.
The World Bank urged the Nigerian government to prioritize measures that directly cushion vulnerable populations, including expanding social safety nets, improving the efficiency of public spending, and adopting targeted interventions to combat food insecurity.
“Policy gains must translate into better livelihoods,” the report stated, emphasizing that inclusive growth would determine the long-term success of Nigeria’s economic recovery efforts.
Analysts say the report reflects growing concerns that while Nigeria’s reform agenda has attracted international recognition, the pace of poverty reduction remains too slow to meet national and global development goals.
