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The World Bank has issued a critical warning about the escalating rate of extreme poverty in Nigeria. According to its latest global development report, Nigeria is among the countries witnessing a disturbing increase in the number of people living below the poverty line, with millions struggling to survive on less than $2.15 per day.
The report highlights the devastating impact of conflict, inflation, and weak economic policies on Nigerians, especially those in the northern region. States such as Borno, Zamfara, and Niger continue to suffer from insecurity, displacement, and limited access to basic services like healthcare and education. These factors have worsened poverty levels, making it increasingly difficult for families to meet their daily needs.
In recent years, Nigeria has faced several economic shocks — including the removal of fuel subsidies, naira devaluation, and surging inflation. While these reforms aim to stabilize the economy in the long run, they have placed significant strain on ordinary Nigerians, particularly low-income earners and small business owners.
Food insecurity is also on the rise, with many households unable to afford basic items like rice, bread, and cooking oil. The World Bank emphasized the need for urgent government intervention to prevent further economic hardship. It recommends investing in agricultural productivity, expanding social welfare programs, and promoting job creation to address the root causes of poverty.
Additionally, the Bank urged the Nigerian government to prioritize security, especially in conflict-prone areas, to allow for economic activities to thrive. Without meaningful action, Nigeria risks falling short of its national development goals and the United Nations' Sustainable Development Goals (SDGs) by 2030.
This warning from the World Bank is a wake-up call. The time to act is now — before more Nigerians are pushed into deeper levels of poverty and despair.
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