139 million Nigerians living in poverty despite reform gains — World Bank

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The World Bank has called on Nigeria to ensure that the positive outcomes from its recent macroeconomic reforms translate into real improvements in citizens’ living standards, as new estimates show that about 139 million Nigerians are living in poverty. Country Director for Nigeria, Mathew Verghis, appealed on Wednesday during the launch of the latest Nigeria Development Update (NDU) report in Abuja. Verghis commended the federal government for implementing bold policy reforms — particularly the removal of petrol subsidy and exchange rate unification — noting that these actions have begun to stabilise the economy and lay a stronger foundation for long-term growth.

“Over the last two years, Nigeria has implemented major reforms around the exchange rate and petrol subsidy. These policies have laid the foundation for transforming the country’s economic trajectory for decades to come,” he said.

According to him, the effects of these measures are becoming evident in improved revenues, stabilising foreign exchange markets, growing reserves, and a gradual decline in inflation.

“Growth has picked up, revenues have risen, debt indicators are improving, the FX market is stabilising, reserves are rising, and inflation is finally beginning to come down. These are major achievements, and many countries would envy them,” Verghis stated.

However, he cautioned that millions of Nigerians have yet to feel the benefits of these reforms, warning that macroeconomic gains must be swiftly converted into welfare improvements.

“Despite these stabilisation gains, many Nigerians are still struggling. In 2025, we estimate that 139 million Nigerians live in poverty. The challenge is clear: how to translate reform gains into better living standards for all,” he said.

The new NDU report, titled “From Policy to People: Bringing the Reform Gains Home,” outlines a three-point agenda for sustaining progress reducing inflation, improving the efficiency of public spending, and expanding social safety nets. Vanguard