Nigeria Sees Economic Gains but Poverty Climbs to 63% – IMF

The International Monetary Fund says Nigeria’s reforms over the past three years have strengthened macroeconomic performance and built resilience. Key changes include removal of the fuel subsidy, a floated naira exchange rate, and an overhaul of the tax system. Despite faster growth—projected at 4.1 percent this year—and a recent boost in government revenue, more than 60 percent of Nigerians were living in poverty by the end of 2025. The IMF notes that food insecurity hit over 27 million people that year, and rising costs for food, fertiliser, and fuel risk further hardship. Inflation accelerated to 15.7 percent in April, partly driven by higher fuel prices linked to the war in the Middle East. Widespread insecurity in key farming regions adds another layer of risk to food production and economic activity. With elections set for January, the IMF warns that sustaining reform momentum will be essential to prevent further increases in poverty and protect vulnerable households.

Use The App To Win ₦1m

Stories are shared by community members. This article does not represent the official view of NaijaWorld — the author is solely responsible for its content.