Despite nearly three years of major economic reforms by the Federal Government, the World Bank has revealed that about 79 percent of Nigerians are either living in poverty or remain vulnerable to falling into it. The finding, contained in the Bank’s newly approved Country Partnership Framework for Nigeria covering 2026 to 2032, highlights the harsh reality that millions of citizens are yet to feel the benefits of policies designed to stabilise the economy and attract investment.
According to the report, 61 percent of Nigerians currently live below the poverty line, while 33 percent are classified as ultra-poor and struggle to meet basic food needs. Although recent reforms such as fuel subsidy removal, exchange rate liberalisation, tighter monetary policies and tax adjustments have helped improve key economic indicators, the World Bank noted that these gains have not translated into meaningful improvements in the daily lives of most Nigerians. High inflation continues to erode incomes, making it difficult for many households to cope with rising living costs.
The report further paints a concerning picture of Nigeria’s social and economic challenges. About 139 million Nigerians are estimated to be living below the national poverty line, while more than 86 million people still lack access to electricity. At the same time, millions of young Nigerians enter the labour market every year, but opportunities remain limited, leaving many trapped in low-paying and informal jobs. The World Bank warned that unemployment, weak infrastructure and inadequate social protection continue to hinder efforts to reduce poverty across the country.
To tackle the growing crisis, the World Bank says large-scale job creation must become Nigeria’s top priority. The institution plans to support labour-intensive sectors such as agriculture and small businesses while improving access to electricity, digital infrastructure, education and healthcare. It stressed that economic reforms alone will not significantly reduce poverty unless they create sustainable employment opportunities capable of lifting millions out of hardship.
Looking ahead, the Bank believes Nigeria’s future success will depend on maintaining reform momentum, strengthening governance and encouraging private-sector investment. It also called for expanded social protection programmes to support vulnerable families and reduce the risk of deeper poverty. With an estimated 60 million young Nigerians expected to join the workforce over the next decade, experts say the country faces a defining challenge: turning economic stability into real opportunities and improved living standards for its people.
source: punch
