The World Bank has called on Nigeria to ensure that the benefits of recent macroeconomic reforms reach ordinary citizens, as new data estimate that some 139 million Nigerians now live in poverty.
Reform successes and warnings
At the launch of the Nigeria Development Update in Abuja, World Bank Country Director Mathew Verghis commended Nigeria’s bold policy moves—especially the removal of petrol subsidy and unification of the exchange rate. He said those changes have begun to stabilize the macroeconomy, boost revenues, strengthen reserves, and help slow inflation.
Still, he cautioned that far too many Nigerians have not seen any improvement in their living conditions. “Despite these stabilisation gains, many Nigerians are still struggling … in 2025, we estimate that 139 million Nigerians live in poverty,” he said.
From policy to people: key agenda
The latest Nigeria Development Update, titled From Policy to People: Bringing the Reform Gains Home, outlines a three-pronged strategy: lower inflation, improve public spending efficiency, and expand social safety nets.
Curbing food inflation is particularly urgent, Verghis said, as it disproportionately affects the poor and could undermine political support for reforms. While monetary policy tightening is necessary, structural reforms to ease supply constraints are equally crucial.
The road ahead: practical measures
To convert macro stability into meaningful welfare gains, Verghis emphasized better resource management and a stronger social protection framework. “These are not abstract ideas—they are practical steps that can turn macro‑stability into improved livelihoods,” he stated. The World Bank reaffirmed its commitment to supporting Nigeria with policy advice, technical assistance, and targeted funding.
