The World Bank has urged Nigeria to ensure that the positive impacts of its recent macroeconomic reforms are translated into tangible improvements in the lives of its citizens, as new data reveals that about 139 million Nigerians are currently living in poverty.
The appeal was made by Mathew Verghis, the World Bank Country Director for Nigeria, during the launch of the latest Nigeria Development Update (NDU) report on Wednesday in Abuja.
Verghis commended the federal government for its bold reform measures — particularly the removal of petrol subsidy and the unification of exchange rates — describing them as critical steps toward economic stabilisation and long-term growth.
> “Over the last two years, Nigeria has implemented major reforms around the exchange rate and petrol subsidy. These policies have laid the foundation for transforming the country’s economic trajectory for decades to come,” he noted.
He explained that these reforms are already showing positive results, such as increased revenue, stabilising foreign exchange markets, rising reserves, and a gradual decline in inflation.
> “Growth has picked up, revenues have risen, debt indicators are improving, the FX market is stabilising, reserves are rising, and inflation is finally beginning to come down. These are major achievements, and many countries would envy them,” he added.
Despite these gains, Verghis expressed concern that millions of Nigerians have yet to experience the benefits of these policies, stressing the need to translate macroeconomic progress into improved living conditions.
> “Despite these stabilisation gains, many Nigerians are still struggling. In 2025, we estimate that 139 million Nigerians live in poverty. The challenge is clear: how to convert reform gains into better living standards for all,” he stated.
The latest NDU report, titled “From Policy to People: Bringing the Reform Gains Home,” highlights a three-point agenda to sustain progress — reducing inflation, improving public spending efficiency, and expanding social protection programmes.
Verghis further emphasized that curbing food inflation is vital for safeguarding the poor and maintaining public confidence in the ongoing reforms.
