The World Bank has raised concern that about 139 million Nigerians remain trapped in poverty, despite recent government reforms aimed at stabilizing the economy and boosting growth.
Mathew Verghis, the World Bank Country Director for Nigeria, revealed this during the launch of the latest Nigeria Development Update report titled “From Policy to People: Bringing the Reform Gains Home” in Abuja.
Verghis noted that while the government’s reforms have improved revenue generation, stabilized foreign exchange, and increased foreign reserves, millions of Nigerians are yet to feel the benefits.
“Despite these stabilisation gains, many Nigerians are still struggling. In 2025, we estimate that 139 million Nigerians live in poverty,” Verghis said, stressing that reforms must translate into real welfare improvements for citizens.
The World Bank proposed a three-point agenda to tackle poverty: reducing inflation, improving efficiency in public spending, and expanding social safety nets to protect vulnerable households.
The report comes amid debate over its accuracy. The Presidency, through Special Adviser on Information and Strategy, Sunday Dare, argued that the figures do not fully reflect ongoing structural reforms, noting that the estimate is based on a global poverty benchmark of $2.15 per day.
The World Bank emphasizes that Nigeria must ensure its economic stabilization efforts deliver tangible improvements in the living standards of the poor and vulnerable.