The World Bank has revealed that 79 per cent of Nigerians are either living in poverty or remain vulnerable to falling into it, despite nearly three years of economic reforms introduced by the Federal Government.
The findings are contained in the Bank’s newly approved Country Partnership Framework (CPF) for 2026–2032 and its accompanying Streamlined Country Diagnostic, which outline plans to support Nigeria’s economic growth through private sector investment and job creation.
According to the report, 61 per cent of Nigerians live below the poverty line, 33 per cent are classified as ultra-poor and unable to meet minimum food requirements, while about 139 million people currently live below the national poverty line.
The World Bank acknowledged that reforms implemented by the Bola Tinubu administration—including the removal of fuel subsidy, exchange rate liberalisation, tighter monetary policy and tax reforms—have helped stabilise the economy. It noted that economic growth improved from 3.5 per cent in the first half of 2024 to 3.9 per cent during the same period in 2025, while foreign reserves rose above $42 billion and investor confidence strengthened.
However, the Bank said these gains have yet to improve living conditions for many Nigerians, warning that persistent inflation continues to erode household incomes, particularly among low-income families.
The report also highlighted major development challenges, including the fact that more than 86 million Nigerians still lack access to electricity, while three to four million young people enter the labour market every year with limited employment opportunities. It projected that about 60 million youths will join the workforce over the next decade, making large-scale job creation a national priority.
To tackle poverty, the World Bank said its new framework will focus on expanding employment in labour-intensive sectors such as agriculture and micro, small and medium enterprises, while investing in electricity, digital infrastructure, education and healthcare.
The Bank also called for stronger social protection, noting that only 8.5 per cent of poor Nigerians currently benefit from any social safety programme. It plans to support the expansion of Nigeria’s social protection system, targeting about 41 million beneficiaries through improved cash transfer programmes and digital payment systems.
The report further warned that poverty cannot be reduced through economic reforms alone unless they generate sustainable jobs, adding that many employed Nigerians remain trapped in low-paying informal work. It also identified poor education outcomes and widespread childhood stunting as major barriers to long-term poverty reduction.
The World Bank recently approved a fresh $1.25 billion loan for Nigeria under its Nigeria Actions for Investment and Jobs Acceleration programme. Speaking on the new framework, World Bank Country Director for Nigeria, Mathew Verghis, said the institution would work with Nigeria to translate recent macroeconomic gains into improved living standards by promoting private sector-led growth and employment.
