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 the unification of the exchange rate. 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, a stabilising foreign‑exchange market, 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 stabilising; reserves are increasing, and inflation is finally beginning to decrease.
Despite these gains, Verghis warned that millions of Nigerians have yet to feel the benefits of the reforms. He emphasized that macroeconomic stability must be swiftly converted into welfare improvements, as an estimated 139 million Nigerians still 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 prioritise poverty reduction and improve living standards. While the country has made progress in stabilising its economy, the report stresses that more must be done to address the pressing issue of poverty. As Nigeria continues to implement its economic reforms, it is essential that the government prioritises the welfare of its citizens and ensures that the benefits of these reforms are felt by everyone.
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