World Bank Warns of High Poverty Rate in Nigeria Despite Economic Reforms

The World Bank reports that 139 million Nigerians are living in poverty, projecting this number to persist until 2025 despite economic reforms by President Bola Ahmed Tinubu. The Country Director of the World Bank in Nigeria, Mathew Verghis, emphasized the need for effective public fund utilization to address poverty and ensure economic growth.

Despite some improvements, Nigeria's poverty rate remains alarmingly high, indicating the challenges in achieving sustainable development. The World Bank's assessment underscores the importance of targeted reforms to reduce inflation, particularly in food prices, and expand social safety nets to uplift citizens from poverty.