October 8, 2025-Published by Cyril

The World Bank has raised concerns that, despite Nigeria’s recent economic reforms showing positive signs, about 139 million Nigerians are still living in poverty.

Speaking at the launch of the latest Nigeria Development Update (NDU) report in Abuja on Wednesday, the World Bank Country Director for Nigeria, Mathew Verghis, acknowledged that the federal government’s bold policies — including the removal of petrol subsidy and exchange rate unification — have begun to stabilize the economy.

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Verghis noted that these reforms are yielding measurable results, including improved government revenues, stabilized foreign exchange rates, rising reserves, and declining inflation. He said, “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.”

However, he warned that millions of Nigerians have yet to feel the impact of these policies. “Despite these stabilization 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 said.

The new NDU report, titled “From Policy to People: Bringing the Reform Gains Home,” outlines a three-step strategy to ensure inclusive growth — reducing inflation, improving public spending efficiency, and expanding social safety nets.

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Verghis emphasized that curbing food inflation is key to protecting vulnerable households and maintaining public support for ongoing reforms. He also urged the Nigerian government to strengthen welfare programmes and manage public resources more efficiently.

• “These are not abstract ideas — they are practical steps that can turn macro-stability into improved livelihoods,” he stated.

The World Bank reaffirmed its commitment to supporting Nigeria with policy guidance, technical assistance, and funding, aimed at ensuring that reform gains translate into tangible benefits for the people.

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