The World Bank has revealed that despite Nigeria’s recent reform gains, an estimated 139 million citizens still live in poverty.
Speaking at the launch of the latest Nigeria Development Update (NDU) report in Abuja on Wednesday, the Bank’s Country Director for Nigeria, Mathew Verghis, commended the federal government for implementing bold macroeconomic reforms, including the removal of the petrol subsidy and the unification of exchange rates.
Verghis noted that these measures have begun to stabilise the economy and strengthen its foundation for sustainable growth.
“Over the last two years, Nigeria has implemented major reforms around the exchange rate and petrol subsidy.
These policies have laid the foundation for transforming the country’s economic trajectory for decades to come,” he said.
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He explained that the impact of the reforms is already visible in key economic indicators, such as improved revenue collection, rising foreign reserves, a more stable exchange rate, and a gradual decline in inflation.
“Growth has picked up, revenues have risen, debt indicators are improving, the FX market is stabilising, reserves are rising, and inflation is finally beginning to come down. These are major achievements, and many countries would envy them,” Verghis stated.
However, he cautioned that the benefits of these reforms are yet to reach ordinary Nigerians, stressing the need for the government to ensure that macroeconomic progress translates into real welfare improvements.
“Despite these stabilisation gains, many Nigerians are still struggling. In 2025, we estimate that 139 million Nigerians live in poverty. The challenge is clear: how to translate reform gains into better living standards for all,” he warned.
Reacting to the World Bank’s disclosure, the Chairman of the Nigerian Economic Summit Group (NESG), Mr Niyi Yusuf, described the figure as “unacceptable”, saying it highlights the urgency of inclusive economic reforms.
Speaking during a press briefing after the 31st Nigerian Economic Summit (NES 31), Yusuf said the revelation underscores the need for faster implementation of economic policies that will translate into real improvements in the lives of Nigerians.
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“So, 139 million Nigerians is unacceptable, and I think everybody agrees. “That’s one of the things that influenced this summit: the need for faster action,” he said.
He emphasised that economic transformation must focus on inclusive growth and job creation through industrialisation and private sector support.
“When you transform the economy and move towards industrialisation and exports, supporting your private sector, you create jobs. It’s about inclusive growth, growth that brings prosperity for all and creates dignified, meaningful jobs,” he added.
The NESG Chairman acknowledged that while the reforms were necessary, their aftereffects must be carefully managed.
“Were the reforms necessary? Probably yes. Would there be aftereffects? Yes. Do we need to manage the aftereffects? Absolutely. It’s a work in progress,” he stated.
Yusuf also revealed that about ₦330 billion had been disbursed to provide social safety nets for nine million households, describing it as a positive step but insisting that more must be done to expand coverage and impact.
“We’re moving in the right direction, but the commitment now must go beyond cash transfers. It’s about creating jobs that truly uplift people,” he concluded.
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The 32nd Nigerian Economic Summit (NES 32) will take place on October 26th and 27th, 2026, continuing discussions on economic growth, inclusion, and national prosperity.
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.
