…As 139Mn Nigerians Remain Trapped In Poverty
Economists and development researchers at the Centre for the Study of the Economies of Africa (CSEA), a leading think-tank with primary focus on developments in Sub-Saharan Africa’s (SSA;s) economies, has advised the Nigerian government to adopt some policy measures as a remedial strategy to reduce the rising poverty level in the country.
The experts, who expressed this position in the firm’s ‘Nigeria Economic Update Issue 41’ released on Friday, based on the latest World Bank Group’s October 2025 Nigeria Development Update (NDU) report’s findings.
The report indicated that between 2019 and 2023, average consumption decreased by 6.7%, particularly in urban areas, noting that the percentage of Nigerians unable to meet healthy caloric requirements, even if they spent their entire income on food, rose from 14% to 27% between 2019 and 2023, equivalent to 139 million Nigerians living in ultra-poverty in 2023.
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The World Bank report further reflected that while the reforms (mainly exchange rate unification and subsidy removal) were addressing previous policy errors, significant improvements in living conditions woul depend on sustained disinflation, more robust inclusive growth, enhanced public services, and consistent targeted assistance for the most vulnerable.
The report also maintained that macroeconomic reforms were needed to continue advancing to strengthen stability and protect against risks, given that the economic outlook remained vulnerable to both external and domestic risks.
Based on these key findings, the CSEA experts advised that Nigeria’s policymakers should prioritize the transparent expansion of social protection programmes to protect vulnerable households and the efficient implementation of the tax reform policies to lessen the tax burden, potentially boosting employment.
In addition, the analysts suggested that the informal economy should be supported through targeted credit schemes and steady and affordable energy.
