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 yesterday 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.
Speaking during his first NDU launch since assuming office three months ago, Verghis, in his address, commended Nigeria’s bold reforms in the exchange rate and petroleum subsidy regimes, describing them as “foundational” steps that could reshape the country’s long-term economic trajectory.
“Over the last two years, Nigeria has commendably implemented bold reforms, notably around the exchange rate and the petrol subsidy. These are the foundations on which the country has the opportunity to build a programme that can transform its economic trajectory”, he stated.
He likened the current reform window to the historic policy shifts seen in countries like India in the early 1990s, noting that such rare opportunities must be seized decisively or risk being lost.
According to him, the reforms are already yielding results, growth is picking up, revenues have risen, debt indicators are improving, the foreign exchange market is stabilising, reserves are climbing, and inflation is gradually easing. “These results are exactly what you need to see in a stabilisation phase. These are big achievements, and many countries would envy them”, he noted.
However, the World Bank chief cautioned that these macro-economic improvements had yet to translate into improved living conditions for ordinary Nigerians.
The Bank noted that while Nigeria had made notable progress in macro-economic stabilisation, sustaining reforms and ensuring that benefits reach ordinary citizens would determine the country’s long-term success.
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.
The NDU launch brought together senior government officials, private sector leaders, development partners, civil society representatives, and members of the media for a frank exchange on Nigeria’s economic outlook.
