Nearly 47% of Nigerians Live Below Poverty Line, Projected to Reach 52% by 2026-World Bank

Samuel Mobolaji

The World Bank Group has reported that almost 47 per cent of Nigerians are now living below the international poverty line of $2.15 per day, as economic challenges and rapid population growth continue to strain resources.

In its latest report, Macro Poverty Outlook: Country-by-Country Analysis and Projections for the Developing World, the Bank notes that low incomes have driven an estimated 14 million Nigerians into poverty in 2024 alone.

To combat rising poverty, the Nigerian government has introduced cash assistance programmes aimed at 15 million households, providing each with N75,000 in three instalments, intended to reach about 67 million people.

However, despite these efforts, the World Bank warns that poverty levels could climb to 52% by 2026 unless significant economic reforms are implemented to shield vulnerable Nigerians from inflation and promote job creation.

The report underscores that while the Central Bank of Nigeria (CBN) has increased the monetary policy rate by 850 basis points and raised the cash reserve ratio in an attempt to curb inflation, these measures have not yet restored sufficient purchasing power.

The World Bank cautions that economic stabilisation, while essential, is only one piece of the puzzle, stating, “Sustained efforts and a credible track record are necessary for Nigeria to achieve its growth potential. Economic growth must outpace population growth to prevent worsening poverty and high inflation.”

The Bank emphasises the need for comprehensive reforms to strengthen resilience and create sustainable paths out of poverty, as the country grapples with the challenge of economic growth lagging behind its rapidly expanding population.