The World Bank has reported that over half of Nigeria’s population now lives in poverty, with 139 million people in extreme poverty, driven by inflation, weak growth, and poor social protection systems.
A new World Bank report has revealed that millions of Nigerians have sunk deeper into poverty as inflation, sluggish growth, and weak social protection continue to erode living standards.
“As a result of still timid growth, high inflation, and an underdeveloped social safety net, the previous fall in consumption levels and rise in poverty levels have yet to start reversing,” the Nigeria Development Update (October 2025) stated.
According to the report, average consumption fell by 6.7% between 2019 and 2023, while poverty rose from 40 to 56% meaning more than one in two Nigerians were poor in 2023.
The share of the ultra-poor also doubled to 27 percent, representing 139 million people. The northeast recorded the highest poverty rate at over 80%.
The World Bank added that while inflation began easing in 2025, it remains high and volatile, worsening inequality and deepening hardship across Nigeria.