The World Bank has said about 79 percent of Nigerians remain poor or vulnerable to poverty despite recent economic reforms by the Federal Government.
In its new Country Partnership Framework (2026–2032) and Streamlined Country Diagnostic, the Bank said 61% of Nigerians live below the poverty line, while 33% are ultra-poor and about 139 million people live in poverty, particularly in northern Nigeria.
The report acknowledged that reforms introduced by the Tinubu administration – including the removal of petrol subsidy, exchange rate liberalisation and tax reforms – have stabilised the economy, boosted investor confidence, increased growth and strengthened foreign reserves.
However, it noted that high inflation, unemployment and weak social protection continue to erode household incomes, preventing many Nigerians from benefiting from the reforms.
The World Bank said creating jobs through private sector-led growth, especially in agriculture and small businesses, would be the most effective way to reduce poverty. It also called for stronger investments in electricity, education, healthcare, digital infrastructure and social protection. It warned that about 60 million young Nigerians will join the labour force over the next decade, making job creation Nigeria’s most urgent development priority.
The bank added that it would support Nigeria in expanding social protection to about 41 million beneficiaries, while helping the country translate recent macroeconomic gains into improved living standards.
