The World Bank has urged Nigeria to ensure that the gains from its recent economic reforms translate into tangible improvements in citizens’ welfare, revealing that about 139 million Nigerians still live in poverty.
Country Director for Nigeria, Mathew Verghis, made the appeal on Wednesday in Abuja during the launch of the latest Nigeria Development Update (NDU) report titled “From Policy to People: Bringing the Reform Gains Home.”
Verghis commended the federal government for implementing major policy changes — notably the removal of petrol subsidy and the unification of exchange rates — describing them as bold steps that have begun to stabilise the economy and position it for sustained growth.
“Over the last two years, Nigeria has implemented major reforms around the exchange rate and petrol subsidy. These policies have laid the foundation for transforming the country’s economic trajectory for decades to come,” he said.
He noted that the results of these policies are already visible in stronger revenues, stabilising foreign exchange markets, rising reserves, and a gradual drop in inflation.
“Growth has picked up, revenues have risen, debt indicators are improving, the FX market is stabilising, reserves are rising, and inflation is finally beginning to come down. These are major achievements, and many countries would envy them,” Verghis stated.
Despite these successes, Verghis warned that millions of Nigerians are yet to feel any real improvement in their living conditions.
“In 2025, we estimate that 139 million Nigerians live in poverty. The challenge is clear: how to translate reform gains into better living standards for all,” he said.
The report outlines three key priorities for sustaining progress — reducing inflation, improving public spending efficiency, and expanding social protection programmes.
Verghis highlighted that food inflation must be urgently addressed to protect vulnerable citizens and maintain confidence in ongoing reforms.
“Food inflation affects everyone but hits the poor the hardest. It also threatens to undermine political support for reforms. Tight monetary policy is essential, but it must be complemented by structural measures that tackle supply and market bottlenecks,” he explained.
He also stressed the importance of transparent resource management and stronger safety net programmes to cushion the impact of economic challenges and ensure inclusive growth.
“These are not abstract ideas — they are practical steps that can turn macro-stability into improved livelihoods,” he concluded.
