World Bank Raises Alarm Over Nigeria’s Rising Poverty Challenge

(World Bank. Photo Credit: Daily Post)

The World Bank has disclosed that about 79 percent of Nigerians remain poor or at risk of slipping into poverty, despite nearly three years of far-reaching economic reforms introduced under President Bola Tinubu’s administration.

This is according to the World Bank’s newly approved Country Partnership Framework for Nigeria, covering 2026 to 2032, alongside its accompanying Streamlined Country Diagnostic, which evaluated the country’s economic performance and development challenges.

The report found that 61 percent of Nigerians currently live below the poverty line, while 33 percent fall into the ultra-poor category, unable to meet even their minimum food needs.

The global lender acknowledged that Tinubu’s reforms have helped stabilise the economy and strengthen key macroeconomic indicators, noting that economic growth rose from 3.5 percent in the first half of 2024 to 3.9 percent over the same period in 2025.

It added that foreign reserves have climbed above $42 billion, fiscal deficits have narrowed, and investor confidence has improved.

However, the Bank noted that these gains have yet to translate into tangible improvements in living standards for most Nigerians, stating that 33 percent of the population remains ultra-poor based on age-weighted caloric intake, 61 percent lives below the poverty line, and 79 percent is either poor or vulnerable to falling back into poverty.

It added that despite recent bold reforms that have stabilised the economy and laid groundwork for the Renewed Hope Agenda, significant structural challenges persist.c