World Bank Warns 79% of Nigerians Still Poor Despite Economic Reforms
New World Bank documents show that 79% of Nigerians are poor or at risk of falling back into poverty despite nearly three years of federal economic reforms. The report covers 2026–2032 and reveals that 33% of the population is ultra-poor, 61% live below the poverty line, and 79% remain vulnerable. Reforms such as subsidy removal, exchange rate liberalisation and tax changes have stabilised macroeconomic indicators—pushing growth from 3.5% to 3.9% and boosting foreign reserves above $42 billion. Yet high inflation continues to erode real incomes, especially for the poor, and social protection measures have rolled out slowly. The World Bank warns that structural rigidities, policy missteps and overdependence on oil keep millions trapped in poverty. It calls for sustained macro-fiscal and structural reforms, stronger governance and an expanded social safety net. Under its new strategy, private-sector-led job creation is identified as the most effective path to reducing poverty. The Bank urges Nigeria to convert recent economic gains into better living standards through deeper structural measures and improved policy coordination.
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