World Bank Urges Social Safety Nets as 139m Nigerians Remain in Poverty

The World Bank has highlighted that 139 million Nigerians are still living in poverty despite recent economic reforms by the Federal Government. The Bank acknowledged the positive impact of measures such as fuel subsidy removal and exchange rate unification but warned that the benefits have not yet reached ordinary citizens.

The Country Director of the World Bank in Nigeria, Mathew Verghis, commended the government for its efforts but emphasized the need for social safety nets to alleviate poverty. The report projected a rise in the absolute poverty rate to 141 million by 2023, indicating a significant challenge in improving the welfare of the average Nigerian.