The World Bank reports nearly half of Nigerians live in poverty, with inflation outpacing wages. The May 2025 Nigeria Development Update highlights that 46% of the population, around 107 million people, subsist below the poverty line of $2.15 daily. Despite GDP growth, wealth distribution remains precarious and heavily tilted towards elite officials enjoying vast allowances, exacerbating economic inequality.
In a troubling analysis, the World Bank has reported that almost half of Nigerians—their figures show about 107 million people—are now living in poverty. This alarming claim comes amid rising inflation which has consistently outpaced the purchasing power linked to the country’s minimum wage. Their updated Nigeria Development Update (NDU) was released in May 2025 in Abuja, emphasizing the dire situation.
According to the report, 46 percent of the population is surviving below the international poverty line of approximately $2.15 per day. This surge in poverty is attributed to tough economic conditions, with a significant increase of 40 million people slipping into poverty since 2018/19 due to stagnating growth and soaring inflation. “Successive years of rising inflation and sluggish growth have increased poverty and hardship levels,” the report stated.
The disconnect between Nigeria’s economic statistics and the lived experiences of its citizens is striking. Despite reports of nominal GDP growth, the average income gains remain unrealized by ordinary Nigerians. The report highlighted that the country’s GDP per capita is alarmingly low, standing at just 4.4% of Singapore’s and merely 30% of Botswana’s. The World Bank remarked, “From a static perspective, Nigeria’s economy needs to grow to boost incomes and meet aspirations.”
The data in the report laid bare the economic disparity in Nigeria with an estimated population of 232.7 million and a GDP of N277.5 trillion for 2024. Theoretically, should the nation’s output be evenly distributed, each citizen could receive an equitably low income of about N100,000 per month. However, this amount is inadequate for basic living standards, particularly in urban settings where inflation continues to spiral.
Moreover, the report critiques the growing chasm between the affluent political elite and the struggling populace. Amid paralleled economic distress, government officials are said to live lavishly, enjoying considerable allowances and extravagant entitlements. For context, a federal lawmaker recently made headlines by revealing how much funding legislators are accruing for alleged ‘constituency projects’.
This lawmaker indicated that members of the Nigerian Senate are now receiving no less than N2 billion for these projects, while those in the House of Representatives are walking away with at least N1 billion each. Such revelations stoke anger and frustration in the country at a time when many citizens are contending with increasing hardship.
These developments intensify the discourse around corruption and lack of accountability in Nigeria’s governance. The ongoing challenges faced by average Nigerians remain starkly contrasted against the backdrop of public officials’ excesses, especially as the country grapples with pervasive inequality and economic mismanagement.
In summary, the World Bank’s latest report paints a dire picture of economic disparity in Nigeria. With almost half of the population living below the poverty line, rising inflation dismantles purchasing power while elite officials enjoy significant financial perks. The report highlights the urgent need for equitable economic growth strategies to ensure that Nigerians can meet basic needs and live with dignity. As the current state of affairs illuminates a widening gap between wealth and poverty, the focus should shift towards accountability and reform within the government.
Original Source: saharareporters.com
