The World Bank has warned that more Nigerians are likely to slide into deeper poverty as the growing number of people already in multidimensional poverty is frightening.
The Bank is disturbed that despite the country’s seeming recent economic stabilisation efforts, about 139 million citizens are now living in poverty.
The World Bank warned that more Nigerians risks falling into suffocating poverthe, if the government does not act fast to ensure the reform gains trickle down to the people and impact on their welfare.
The World Bank Country Director for Nigeria, Mathew Verghis, disclosed this on Wednesday in Abuja at the launch of the October 2025 Nigeria Development Update titled, “From Policy to People: Bringing the Reform Gains Home.”
The Nigeria Development Update is the bank’s biannual flagship report that reviews economic trends, policy outcomes, and key challenges facing Nigeria.
In his address during his first NDU launch since assuming office three months ago, Verghis, commended the country’s bold reforms in the exchange rate and petroleum subsidy regimes, describing them as “foundational” steps that could reshape the country’s long-term economic trajectory
He stated “Over the last two years, Nigeria has commendably implemented bold reforms, notably around the exchange rate and the petrol subsidy. These are the foundations on which the country has the opportunity to build a programme that can transform its economic trajectory,”.
Verghis attributed the current reform window to the historic policy shifts seen in countries like India in the early 1990s, pointing out that such opportunities must be seized decisively or risk being lost.
According to him, the reforms are already yielding results, growth is picking up, revenues have risen, debt indicators are improving, the foreign exchange market is stabilising, reserves are climbing, and inflation is gradually easing.”
He however noted that these seeming gains would pale into nothingness, if the poverty in the land is not addressed and the welfare of the people prioritised by the government.
