Nigeria's Poverty Rate to Reach 63% by 2025, Warns World Bank

The World Bank has disclosed that Nigeria's poverty rate is expected to reach 63% by 2025, up from 56% in 2023 and 61% in 2024, equating to about 140 million Nigerians living below the poverty line. The report, part of the Nigeria Development Update released in April 2026, highlights that despite a sharp decline in inflation, the cumulative impact of past inflation shocks continues to limit real income growth for households.

External pressures, including conflicts in the Middle East, have elevated living costs, particularly in energy, food, and transportation, worsening conditions for low-income households. The report identifies structural issues in Nigeria's growth pattern as major constraints to poverty reduction, with economic expansion largely driven by the service and agricultural sectors, which have not adequately improved income for vulnerable populations.

The World Bank projects a gradual decline in poverty to 59% by 2028, contingent on continued easing of inflation and improved macroeconomic conditions, but warns that weak job creation and low agricultural productivity will persist as challenges.