Economists have raised concerns that Nigeria’s poverty rate may soon surpass the World Bank’s 2023 estimate of 104 million people, driven by recent fuel price hikes and ongoing food supply challenges. The World Bank report from 2023 highlighted that the poverty rate had risen from 40% in 2018 to 46%, with an additional 24 million Nigerians pushed below the poverty line.
While the World Bank had predicted economic reforms under President Bola Tinubu would reverse this trend by 2026, experts argue that the current administration’s policies, especially the fuel price increase, will further exacerbate poverty. Rising inflation, stagnant wages, and increased transportation and commodity costs are expected to push even more Nigerians into poverty.
Professor Taiwo Owoeye from Ekiti State University and agricultural economist Tobi Awolope both warned that the economic pressures, including fuel prices and irregular rainfall patterns affecting food supply, could see poverty levels exceed previous projections.
News Editor