The World Bank has raised alarms over Nigeria’s ongoing economic reforms, highlighting that approximately 139 million Nigerians currently live in poverty. The organization cautioned that the country’s reform progress may be jeopardized if these improvements do not translate into better living conditions for the populace.
During the launch of the October 2025 Nigeria Development Update (NDU) in Abuja, World Bank Country Director for Nigeria, Mathew Verghis, mentioned that this was his first NDU presentation since taking office three months ago. He acknowledged Nigeria’s significant reforms in the exchange rate and petroleum subsidy sectors, labeling these as essential steps that could significantly alter the nation’s long-term economic prospects.
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“In the past two years, Nigeria has made significant strides with bold reforms, particularly regarding the exchange rate and petrol subsidies. These changes create a foundation that can lead to a transformative economic program for the country,” Verghis noted.
Drawing comparisons to India’s transformative reforms in the early 1990s, he emphasized the importance of Nigeria capitalizing on this “rare policy window” to avoid missing out. He observed that these reforms are already yielding positive results, including improved growth, increased government revenue, stronger debt metrics, recovering foreign reserves, and a gradual reduction in inflation.
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“These outcomes are indicative of a stabilization phase and represent significant achievements that other nations would aspire to,” he mentioned.
However, Verghis warned that this progress has not yet translated into better welfare for citizens. Despite the stabilization efforts, many households are experiencing diminished purchasing power and declining living standards. He pointed out that since 2019, the poverty rate has continued to rise, jumping from 87 million people in 2023 to 129 million in April 2025, and now reaching 139 million according to the latest statistics.
