The World Bank has issued a strong call to the Nigerian government, urging that the recent, bold macroeconomic reforms must urgently be translated into tangible improvements in the living standards of citizens, warning that 139 million Nigerians remain trapped in poverty.
Speaking at the launch of the Nigeria Development Update (NDU) report in Abuja, the World Bank’s Country Director for Nigeria, Mathew Verghis, commended the administration for its decisive action.
“Over the last two years, Nigeria has tremendously implemented bold reforms — notably around the exchange rate and petrol subsidy. These policies have laid the foundation for transforming Nigeria’s economic trajectory for decades to come.”
Verghis noted that the impact of these changes is visible across the economy, citing several positive indicators:
- Rising government revenues and improving debt indicators.
- Stabilizing foreign exchange (FX) markets and rising reserves.
- Inflation finally beginning to decline.
“These are big achievements, and many countries would envy them,” he stated.
The Urgent Challenge: Converting Stability to Welfare
Despite these stabilization gains, the World Bank official stressed that the challenge now is to connect this macro-level stability to the average person’s daily life.
“Despite these stabilisation gains, many Nigerians are still struggling,” Verghis warned. “In 2025, we estimate that 139 million Nigerians live in poverty. The challenge is clear: how to translate the gains from the reforms into better living standards for all.”
The latest NDU report, titled “From Policy to People: Bringing the Reform Gains Home,” outlines a three-part strategy for the government to ensure inclusive growth:
- Decisive Action on Food Inflation: This must be tackled immediately, as it disproportionately affects the poor and risks undermining political support for the entire reform agenda. Verghis emphasized that structural reforms must complement tight monetary policy to address supply constraints. Public resources must be used more effectively to deliver essential services.
- A stronger system is crucial for easing hardship and ensuring that the most vulnerable are protected during the transition period.
Verghis concluded that these are “practical steps that can turn macro-stability into better livelihoods,” reaffirming the World Bank’s commitment to supporting Nigeria’s economic reform agenda through advice, technical assistance, and financing.
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