Nigeria’s poverty rate has reached alarming levels, with approximately 62% of the population, or 141 million people, living in poverty. This stark reality was highlighted by former Labour Party presidential candidate Peter Obi, who expressed concern that while politicians focus on power struggles, the nation’s poverty crisis deepens.
According to World Bank data, the number of Nigerians living in poverty surged from 81 million in 2019 to around 139 million in 2025. The poverty rate is projected to worsen, with an estimated 141 million people living in poverty by 2026, representing a significant increase of 26 million individuals between 2023 and 2026.
The Nigeria Economic Outlook 2026 report attributes this trend to weak real income growth and persistently high living costs, which will continue to exacerbate poverty. The report notes that low-income households are particularly vulnerable, as food accounts for up to 70% of their total spending, making them susceptible to food inflation and price shocks.
In contrast, countries like India and Indonesia have made significant strides in reducing poverty through investments in education, health, and social protection. India reduced extreme poverty from 35-40% in 2000 to 5.3% today, while Indonesia cut poverty from around 30% in 2000 to roughly 8%.
Nigeria’s rising poverty rate has severe implications, including diminished purchasing power, reduced demand, and pressure on micro, small, and medium-sized enterprises. The situation underscores the need for robust job creation, productivity growth, and effective social protection programs to mitigate the effects of poverty.
The World Bank data and Nigeria Economic Outlook 2026 report emphasize the urgency of addressing the poverty crisis. With a significant portion of the population living in poverty, Nigeria’s economic recovery and human capital development are at risk. The need for structural reforms, including macroeconomic stability, investment in agriculture, food supply, logistics, education, health, and large-scale job creation, has become imperative.
