PwC Projects 141 Million Nigerians Could Live in Poverty by 2026, Economic Outlook Warns

PwC's Nigeria Economic Outlook report forecasts a sharp increase in poverty levels, with 141 million Nigerians, representing 62% of the population, expected to live in poverty by 2026. The report attributes this rise to sluggish income growth, persistent inflationary pressures, and high living costs.

The impact is particularly severe on low-income households, with food accounting for 70% of total consumption. The government's efforts to reduce poverty may face challenges, as the cost of doing business increases and revenue for Nigerian businesses decreases.

Nentawe Yilwatda from the Ministry of Humanitarian Affairs emphasizes the need for stronger job creation and social protection measures to mitigate the growing poverty crisis.