79% of Nigerians remain poor or vulnerable, World Bank reports
A new World Bank report has revealed that nearly 79 per cent of Nigerians are either living below the poverty line or remain vulnerable to falling into poverty, despite recent economic reforms aimed at stabilising the country's economy. The findings are contained in the bank's latest Country Partnership Framework for Nigeria covering 2026 to 2032, which focuses on promoting private sector-led growth and creating jobs to reduce poverty. According to the report, about 61 per cent of Nigerians currently live below the national poverty line, while 33 per cent are classified as extremely poor and struggle to meet basic food needs. The bank estimates that roughly 139 million people are living in poverty nationwide. Although recent reforms, including fuel subsidy removal, foreign exchange liberalisation and fiscal adjustments, have improved key economic indicators such as foreign reserves, investor confidence and economic growth, the report says these gains have yet to improve the living conditions of many households. The World Bank noted that high inflation continues to erode purchasing power, while unemployment, weak infrastructure and limited social protection remain major obstacles to reducing poverty. It also highlighted that millions of young Nigerians enter the labour market every year without adequate employment opportunities. To address the challenge, the bank said Nigeria must prioritise large-scale job creation by investing in agriculture, small businesses, electricity, digital infrastructure, education and healthcare. It added that expanding social protection programmes and improving support for vulnerable households would also be critical.
The report stressed that sustaining economic reforms while accelerating private sector investment and strengthening governance will be essential to lifting millions of Nigerians out of poverty and improving long-term living standards.
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