Cynthia Ezegwu
The World Bank has raised alarm over Nigeria’s deepening poverty ranges, revealing that about 139 million Nigerians at the moment are residing in poverty regardless of current {economic} reforms aimed toward stabilising the nation’s economic system.
Speaking on the launch of the October 2025 Nigeria Development Update (NDU) in Abuja on Wednesday, the World Bank Country Director for Nigeria, Mathew Verghis, cautioned that the beneficial properties recorded from reforms can be short-lived in the event that they fail to enhance residents’ welfare.
The report, titled “From Policy to People: Bringing the Reform Gains Home,” reviewed Nigeria’s current {economic} efficiency and outlined key priorities to make sure reforms translate into tangible advantages.
Verghis, who was attending his first NDU launch since assuming workplace three months in the past, counseled the federal government’s daring strikes in eradicating gasoline subsidies and unifying change charges, describing them as “foundational steps” able to reworking Nigeria’s {economic} trajectory.
“Over the last two years, Nigeria has commendably implemented bold reforms, notably around the exchange rate and the petrol subsidy. These are the foundations on which the country has the opportunity to build a programme that can transform its economic trajectory,” he mentioned.
According to him, whereas the reforms have stabilised key {economic} indicators — together with improved development, rising revenues, stabilised overseas change markets, and growing reserves — these macroeconomic enhancements have but to impression atypical Nigerians.
“Despite these stabilisation gains, many households are still struggling with eroded purchasing power. In 2025, we estimate that 139 million Nigerians live in poverty,” Verghis acknowledged.
The determine represents a pointy rise from 129 million in April 2025 and 87 million in 2023, reflecting worsening hardship regardless of ongoing reforms.
The World Bank chief highlighted three priorities to bridge the hole between coverage success and folks’s welfare: lowering inflation, enhancing public useful resource administration, and increasing social safety protection for susceptible residents.
He emphasised that meals inflation should be tackled urgently to stop reform fatigue and maintain public assist.
“Persistent food inflation affects everybody, particularly the poor. If it remains high, it will erode political support for reforms and stall recovery,” he warned.
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Verghis counseled the Central Bank of Nigeria’s tight financial coverage and the federal government’s fiscal self-discipline however mentioned these measures should be complemented by structural reforms to repair inefficiencies in meals manufacturing and distribution.
The report additionally urged Nigeria to strengthen its public {financial} administration programs and develop its social security nets to protect the poorest residents from the shocks of {economic} changes.
Verghis reaffirmed the World Bank’s dedication to supporting Nigeria by way of coverage recommendation, technical help, and financing, stressing that political will and inclusive governance can be vital to success.
“The challenge is clear: to translate the gains from the stabilisation reforms into better living standards for all. These are not abstract ideas but practical steps that can turn macro stability into better livelihoods,” he concluded.
The NDU launch introduced collectively senior authorities officers, non-public sector leaders, improvement companions, and civil society representatives for an in-depth dialogue on Nigeria’s {economic} outlook and reform path.
