Inflation: 129 Million Nigerians Living In Poverty — World Bank

Posted by Thandiubani on Fri 18th Oct, 2024 - tori.ng

According to the global financial body, the over 129 million Nigerians represented a sharp rise from 40.1 per cent in 2018 to 56 per cent in 2024.

The World Bank has warned that over 129 million Nigerians are currently trapped in poverty.

This is according to a report released by the World Bank Nigeria Development Update report.

It released the report on Thursday in Abuja as headline inflation rises, forcing millions of Nigerians into hunger.

According to the global financial body, the over 129 million Nigerians represented a sharp rise from 40.1 per cent in 2018 to 56 per cent in 2024.

The World Bank report read, “With growth proving too slow to outpace inflation, poverty has risen sharply. Since 2018, the share of Nigerians living below the national poverty line16 is estimated to have risen sharply from 40.1 per cent to 56.0 per cent.

“Combined with population growth, this means that some 129 million Nigerians are living in poverty. This stark increase partly reflects Nigeria’s beleaguered growth record. Real GDP per capita has not recovered to the level it was at prior to the oil price-induced recession in 2016.

“The COVID-19 pandemic compounded this drop in economic activity. Moreover, growth is failing to outpace inflation: large increases in prices across almost all goods have diminished purchasing power.”

It added, “Multiple shocks in a context of high economic insecurity have deepened and broadened poverty, with over 115 million Nigerians estimated to have been poor in 2023. Since 2018/19, an additional nearly 35 million people have fallen into poverty, so that more than half of Nigerians (51.1 per cent of the population in 2023) are now estimated to live in poverty.”

According to the report, there was an increase from 115 million in 2023 to 129 million in 2024, which means that 14 million Nigerians have become poorer this year.