The World Bank’s latest Nigeria Development Update reveals that over 129 million Nigerians are living in poverty, a significant increase from 40.1% in 2018 to 56% in 2024. The report highlights that inflation, slow economic growth, and external shocks have worsened the situation, with food and essential goods becoming unaffordable for many. This rise in poverty reflects Nigeria’s struggling economy, where real GDP per capita has yet to recover from the 2016 oil price recession. Additionally, the removal of fuel subsidies and rising transportation costs have further strained household finances.
According to the report, over 14 million Nigerians have fallen into poverty in 2024 alone, and inflation has hit urban and rural areas alike, with over 31% of urban residents now living below the poverty line. The World Bank urges the Nigerian government to maintain critical reforms and ramp up cash transfer programs to support the most vulnerable.
World Bank Country Director for Nigeria, Dr. Ndiame Diop, emphasized that “reversing these reforms would be disastrous,” urging the government to stay the course for economic stability.
