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The World Bank has said that 139 million Nigerians still live in poverty despite sundry reforms embarked upon by the current administration.
The Bank also said food inflation and insecurity remain high under President Bola Tinubu’s watch.
The World Bank disclosed this in its Nigeria Development Update (NDU) report released in Abuja on Wednesday.
The report lauded the Tinubu-led government for embarking on the right reforms.
World Bank Country Director for Nigeria, Mathew Verghis, said, “In 2025, we estimate that 139 million Nigerians live in poverty. The challenge is clear: how to translate the gains from the reforms into better living standards for all.”
“Over the last two years, Nigeria has tremendously implemented bold reforms — notably around the exchange rate and petrol subsidy.”
A statement published on the World Bank’s website on the Nigeria Development Update on Wednesday highlighted that economic hardship, poverty, and food insecurity remain critical issues under Mr Tinubu’s watch.
“Many households continue to face hardship, with poverty and food insecurity remaining high,” the World Bank said. “Food inflation remains a major concern: poor households—who spend up to 70% of their income on food—have seen the cost of a basic food basket rise fivefold between 2019 and 2024.”
Lauding Mr Tinubu’s government, the World Bank said, “Nigeria has taken important steps toward stabilising its economy through recent policy reforms, but more needs to be done to ensure these gains translate into better living standards for its citizens.”
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According to the World Bank, Nigeria’s economy expanded by 3.9% year-on-year in the first half of 2025, up from 3.5% in the same period of 2024. Growth was driven by strong performance in services and non-oil industries, alongside improvements in oil production and agriculture.
It added, “The country’s external position has strengthened, with foreign reserves exceeding $42 billion and the current account surplus rising to 6.1% of GDP, supported by higher non-oil exports and lower oil imports. On the fiscal side, despite lower oil prices, the federal deficit is projected at 2.6% of GDP in 2025, broadly unchanged from 2024, while public debt is expected to decline for the first time in over a decade—from 42.9 to 39.8% of GDP.”
