The World Bank has revealed that approximately 139 million Nigerians are still living in poverty, despite the country’s recent macroeconomic reforms. This staggering figure underscores the need for Nigeria to ensure that the positive outcomes from its reforms translate into tangible improvements in citizens’ living standards.
According to Mathew Verghis, the World Bank’s Country Director for Nigeria, the federal government has made significant progress in implementing bold policy reforms, particularly the removal of petrol subsidies and exchange rate unification. These measures have begun to stabilize the economy and lay a stronger foundation for long-term growth.
Verghis noted that the effects of these reforms are becoming evident in improved revenues, stabilizing foreign exchange markets, growing reserves, and a gradual decline in inflation. He highlighted that Nigeria’s growth has picked up, revenues have risen, debt indicators are improving, and the foreign exchange market is stabilizing. Additionally, reserves are rising, and inflation is finally beginning to decrease.
Despite these gains, Verghis warned that millions of Nigerians have yet to feel the benefits of these reforms. He emphasized that macroeconomic stability must be swiftly converted into welfare improvements, as an estimated 139 million Nigerians live in poverty. This poses a significant challenge for the country, as it seeks to translate reform gains into better living standards for all citizens.
The World Bank’s latest Nigeria Development Update report, launched in Abuja, highlights the need for Nigeria to prioritize poverty reduction and improve living standards. The report notes that while the country has made progress in stabilizing its economy, more needs to be done to address the pressing issue of poverty. As Nigeria continues to implement its economic reforms, it is essential that the government prioritizes the welfare of its citizens and ensures that the benefits of these reforms are felt by all.
