By Atoyebi Nike
The World Bank has warned that Nigeria risks losing the gains from its recent economic reforms if they fail to translate into improved living standards, revealing that 139 million citizens now live in poverty.
World Bank Country Director for Nigeria, Mathew Verghis, issued the warning on Wednesday in Abuja during the launch of the October 2025 Nigeria Development Update (NDU), themed “From Policy to People: Bringing the Reform Gains Home.”
Verghis praised Nigeria’s bold reforms on foreign exchange and fuel subsidy removal, calling them “foundational” steps similar to major economic shifts in India in the 1990s. He noted that growth, revenues, reserves, and exchange rates have improved, with inflation showing signs of easing.
However, he cautioned that these gains have not improved household welfare, with poverty rising from 87 million in 2023 to 129 million in April 2025, and now 139 million. He highlighted three priorities to bridge this gap: tackling inflation especially food inflation improving public spending efficiency, and expanding social protection for vulnerable groups.
The World Bank urged Nigeria to strengthen fiscal systems, address inefficiencies in food production and distribution, and sustain political will to ensure that economic stability benefits citizens.
The NDU launch brought together senior officials, private sector leaders, development partners, and civil society representatives for discussions on Nigeria’s economic outlook.
