Millions of Nigerians continue to battle worsening poverty despite government reforms, as real-life accounts reveal the crushing effects of inflation, unemployment, and failed investments across the country.
Nigeria’s worsening economic hardship has left millions struggling to survive, as stories of failed businesses, job losses, and mounting debt echo nationwide. Citizens like Jude Okafor, who lost his business to armed robbery, and Peterson Onuoha, deceived by an online scam, embody the despair of a nation drowning in poverty. According to the World Bank, 139 million Nigerians now live in poverty, up from 129 million in April, despite reforms in foreign exchange and fuel subsidies.
“Many households are still struggling with eroded purchasing power,” said World Bank Country Director, Mathew Verghis. However, the Presidency disputed the figure, calling it “unrealistic” and detached from local realities. Experts say Nigeria’s overreliance on oil and weak support for small businesses worsen the crisis. Economist Olusegun Aderounmu urged diversification into agriculture, manufacturing, and technology to curb unemployment and build sustainable growth.