A new report by the World Bank has revealed that nearly eight out of every 10 Nigerians remain poor or vulnerable to poverty despite major economic reforms introduced by President Bola Tinubu’s administration over the past three years.
The findings, contained in the World Bank’s newly approved Country Partnership Framework for Nigeria (2026–2032) and its accompanying Streamlined Country Diagnostic, paint a mixed picture of Nigeria’s economy, highlighting improvements in key financial indicators while warning that millions of citizens are yet to feel the benefits.
According to the report, about 61 percent of Nigerians currently live below the national poverty line, while 33 percent are classified as ultra-poor, meaning they are unable to meet minimum daily food requirements. Overall, the World Bank estimates that 79 percent of the population is either poor or at risk of falling back into poverty.
Despite the alarming figures, the global financial institution acknowledged that the Federal Government’s economic reforms have delivered notable macroeconomic gains. It said Nigeria’s economic growth increased from 3.5 percent in the first half of 2024 to 3.9 percent during the same period in 2025.
The report also noted improvements in Nigeria’s foreign reserves, which have risen above $42 billion, alongside reduced fiscal deficits and growing investor confidence, developments the World Bank attributed to ongoing policy reforms under the Tinubu administration.
However, the institution warned that stronger economic indicators have not yet translated into improved living conditions for the majority of Nigerians. It stressed that deep-rooted structural challenges, including widespread poverty, food insecurity and inequality, continue to limit the impact of the reforms on ordinary citizens.
The World Bank further stated that while the government’s “Renewed Hope Agenda” has helped stabilize the economy, sustained efforts will be needed to ensure that economic growth creates jobs, reduces poverty and improves household incomes across the country.
The report is expected to reignite national conversations about the cost of living, inflation and whether current economic policies are delivering tangible relief for millions of Nigerians struggling with rising expenses.
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