Inflation Forces 129 Million Nigerians into Poverty, Says World Bank

Abuja, Nigeria – The World Bank has revealed that more than 129 million Nigerians are currently living in poverty, according to its newly released Nigeria Development Update report.

The report highlights a significant increase in poverty levels, with the percentage of Nigerians affected rising from 40.1% in 2018 to 56% in 2024.

This alarming statistic comes as headline inflation continues to climb, driving millions of Nigerians into hunger and exacerbating the country’s economic challenges.

In Jibia market on February 18, 2024, tiger nuts were among the commodities sold as Nigerians grapple with skyrocketing food prices. The situation worsened after Nigeria, which shares a 1,600 km border with Niger, witnessed trade disruptions following border closures. Niger was a key trading partner, with $193 million in exports in 2022.

Further compounding the crisis, economic reforms introduced by Nigerian President Bola Ahmed Tinubu since May have led to even higher inflation, causing a double blow to local populations already struggling with movement restrictions and food shortages.