139 Million Nigerians In Poverty: World Bank urges Govt. to prioritise social welfare
The World Bank reports that approximately 139 million Nigerians live in poverty, despite recent economic reforms.
According to Mathew Verghis, World Bank Country Director for Nigeria, poverty rates have continued to rise, with millions struggling due to high food inflation and eroded purchasing power.
Verghis, stated this at the launch of the Nigeria Development Update (NDU) report on Wednesday in Abuja, the nation’s capital.
Verghis commended the government for taking some steps in stabilising the economy through recent policy reforms.
He, however, warned that more needs to be done to ensure better living standards for Nigerians.
“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.
“Growth has picked up, revenues have risen, debt indicators are improving, the FX market is stabilising, reserves are rising, and inflation is finally beginning to come down.
”These are big achievements, and many countries would envy them,” he said.
The country director also raised concerns over the nation’s food inflation rate, increased allocations from the Federation Account allocation committee, and what he calls a shock-responsive safety net system to help households manage crises.
Verghis explained that addressing the issues raised would pave the way for development across all levels.
“Food inflation affects everybody, but particularly the poor, and has the potential to undermine political support for reforms.
“Tight monetary policy is important, but it must be complemented by structural reforms to address deep-seated supply and market constraints. Despite these stabilisation gains, many Nigerians are still struggling,” he said.
He therefore urged Nigeria to prioritise poverty reduction and improve the welfare of its citizens, warning that failure to do so could jeopardise the country’s long-term economic trajectory.
