The World Bank has issued a stark warning that over 129 million Nigerians are currently trapped in poverty, as detailed in its latest Nigeria Development Update report released on Thursday in Abuja.
The report highlights a troubling trend, revealing that the percentage of Nigerians living in poverty has surged from 40.1% in 2018 to an alarming 56% in 2024, primarily due to rising headline inflation that is pushing millions into hunger.
The report states, “With economic growth too slow to keep pace with inflation, poverty has escalated sharply. Since 2018, the share of Nigerians living below the national poverty line has increased significantly, leading to an estimated 129 million individuals living in poverty. This troubling rise is largely a reflection of Nigeria’s faltering growth record, with real GDP per capita failing to rebound to pre-oil price recession levels seen in 2016.”
It further explains that the economic fallout from the COVID-19 pandemic exacerbated the decline in economic activity. “Growth is not keeping up with inflation; significant price hikes across nearly all goods have eroded purchasing power,” the report adds.
The analysis indicates that a combination of multiple shocks and persistent economic insecurity has deepened and expanded poverty in Nigeria, with over 115 million people estimated to have lived in poverty by 2023. Since 2018/19, nearly 35 million more individuals have fallen into poverty, resulting in more than half of Nigeria’s population (51.1% in 2023) now estimated to be living in these conditions.
The report also notes a concerning increase in the number of impoverished individuals, rising from 115 million in 2023 to 129 million in 2024, indicating that an additional 14 million Nigerians have slipped into poverty this year alone.
