Despite Nigeria’s economic reforms, about 139 million citizens still live in poverty, according to the World Bank’s latest Nigeria Development Update released in Abuja. Country Director, Mathew Verghis, acknowledged recent policy strides — such as subsidy removal and FX unification — that have boosted growth, revenues, and reserves.
However, he warned that food inflation remains a serious threat to reform gains, urging tighter monetary policy and structural changes to ease supply bottlenecks. Verghis commended the government for setting the stage for long-term stability but noted that “many Nigerians are still struggling.”
The report recommends stronger social safety nets to cushion vulnerable households. While the World Bank projects sustained growth, it stressed that inclusive development hinges on reducing inflation and strengthening governance systems to translate macroeconomic gains into real relief for citizens.
