The World Bank has called on Nigeria to ensure that recent economic reforms lead to real improvements in people’s lives. This comes as new data shows that 139 million Nigerians are living in poverty.
At the launch of its latest Nigeria Development Update report in Abuja on Wednesday, World Bank Country Director, Mathew Verghis, praised the government’s bold reforms.
“Nigeria has implemented major reforms around the exchange rate and petrol subsidy,” Verghis said. “These policies have laid the foundation for transforming the country’s economic future.”
He said early results are promising. “Growth has picked up, revenues have risen, debt indicators are improving, the FX market is stabilizing, reserves are rising, and inflation is finally beginning to come down,” he added.
Still, Verghis warned that most Nigerians have not yet seen the benefits. “In 2025, we estimate that 139 million Nigerians will be living in poverty. The challenge is clear: how to translate reform gains into better living standards for all.”
The new report, titled “From Policy to People: Bringing the Reform Gains Home,” urges the government to reduce inflation, spend public money more efficiently, and expand support for the poor.
Verghis said food inflation must be tackled urgently. “Food inflation affects everyone but hits the poor the hardest,” he said. “It also threatens to erode political support for reforms.”
He called for a mix of tight monetary policy and structural changes to fix supply and market bottlenecks.
“These are not abstract ideas, they are practical steps that can turn macro-stability into improved livelihoods,” he said.
The World Bank said it remains committed to helping Nigeria succeed. Support will come through policy advice, technical help, and financial aid aimed at building a stronger, fairer economy.
