World Bank: Poverty Still Threatens Majority of Nigerians Despite Reforms

A new World Bank report says that despite nearly three years of economic reforms by the Federal Government, about 79 percent of Nigerians remain poor or vulnerable to poverty.

The report found that 61 percent of the population lives below the poverty line, while 33 percent are classified as extremely poor and unable to meet basic food needs.

The World Bank noted that reforms such as the removal of fuel subsidies, exchange rate liberalisation, and tighter monetary policies have helped stabilise the economy and improve investor confidence.

However, it said these gains have not yet resulted in better living conditions for most Nigerians.

According to the report, about 139 million Nigerians live below the national poverty line, with poverty most severe in northern Nigeria.

High inflation, limited job opportunities, poor electricity supply, and weak social protection systems continue to worsen living conditions across the country.

The World Bank stressed that sustaining reforms, attracting private-sector investment, and creating productive jobs will be crucial to reducing poverty and improving living standards for millions of Nigerians.

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