The World Bank has urged Nigeria to ensure that the gains from recent macroeconomic reforms translate into tangible improvements in citizens’ daily lives. Latest estimates reveal that roughly 139 million Nigerians still live in poverty, highlighting the urgent need for reform benefits to reach ordinary people.
Speaking at the launch of the latest Nigeria Development Update report in Abuja, Country Director Mathew Verghis praised the federal government for taking bold policy steps, particularly the removal of the petrol subsidy and the unification of exchange rates. He noted that these measures have begun stabilizing the economy and creating a stronger foundation for long-term growth.
“Over the past two years, Nigeria has taken decisive steps on the exchange rate and petrol subsidy,” Verghis said. “These policies are laying the groundwork to reshape the country’s economic trajectory for years to come.”
The impact of these reforms is already becoming visible through increased government revenues, a stabilizing foreign exchange market, growing reserves, and a gradual decline in inflation. “Economic growth is picking up, debt indicators are improving, reserves are rising, and inflation is finally easing. These are achievements that many nations would envy,” Verghis added.
Yet, he cautioned that a significant portion of the population has yet to feel the effects of these improvements. “Despite these stabilization gains, millions of Nigerians are still struggling. In 2025, about 139 million people remain in poverty. The real challenge is turning these macroeconomic successes into better living standards for everyone,” he said.
The Nigeria Development Update, titled “From Policy to People: Bringing the Reform Gains Home,” recommends a three-pronged approach to sustain progress: reducing inflation, improving public spending efficiency, and expanding social safety nets.
Verghis highlighted the importance of addressing food inflation, which disproportionately affects the poor and could undermine public support for reforms. “Food prices impact everyone, but the burden falls heaviest on the poor. While tight monetary policy is necessary, it must be paired with structural solutions to address supply constraints and market bottlenecks,” he explained.
He also emphasized the need for better management of public resources and stronger social programs to cushion the effects of economic hardship and promote inclusive growth. “These measures are practical, not abstract. They can transform macroeconomic stability into real improvements in people’s lives,” Verghis noted.
Reaffirming the World Bank’s support for Nigeria’s reform agenda, he confirmed that the institution will continue providing policy guidance, technical assistance, and financial support to foster sustainable development and shared prosperit
