Nigeria is one of the fastest-growing populations in Africa, with a growth rate of about 2.1%. Like other post-colonial nations, it has struggled to provide its youth population with employment. This has led to rising poverty, which has started to outpace the number of people employed. Based on the World Bank’s 2024 projections, nearly 47% of Nigerians have fallen into poverty. This marks a significant increase from 2019, showcasing the severe impact of COVID-19.

Nigeria’s poverty affects every sector, from health care to education. This has seriously inflated the nation’s youth unemployment rate, which reached as high as 21.5% in 2016. Women represent up to 79% of the rural workforce but are five times less likely to own their own land than men, contributing to wage and wealth inequality in the nation.

Statistics from The Conversation, citing Nigeria’s Multidimensional Poverty Index, indicate that more than 133 million Nigerians live in poverty, with the poverty rate in rural areas as high as 72%, compared with 42% in urban areas. Poverty in Nigeria rises due to several reasons, one being the post-colonial effects that many nations have faced since independence.

The country also struggles with domestic issues of ethnic tension, terrorism and bureaucratic corruption, according to The Conversation. This has led to a serious issue for the government to provide a steady line of policies that will positively reduce poverty in the short and long run.

Nigeria implemented its National Anti-Corruption Strategy 2022 to 2026, aimed at targeting corruption activities in the workplace, especially the public sector, judiciary and most importantly political financing. However, public perception of corruption and government efforts to address it did not significantly change, according to the United Nations Convention against Corruption (UNCAC) Coalition.

The Role of the World Bank

In July 2026, President Bola Tinubu unveiled a $3.05 billion package of World Bank-backed anti-poverty programs, according to Punch. The package includes $1.25 billion for the Nigeria Community Action for Resilience and Economic Stimulus program, $300 million for the Solutions for Internally Displaced and Host Communities program, and $1.5 billion for the Human Capital Opportunities for Prosperity and Equity program, which focuses on governance, primary health care and education.

Separately, the World Bank has laid out a Country Partnership Framework for 2026 to 2032, focusing on making young Nigerians more employable by supporting private sector-led job creation. As part of this framework, the World Bank approved a $1.25 billion Development Policy Financing operation to support economic reforms.

The Bank aims to increase private sector investment in development areas and help reduce poverty statistics in Nigeria, with targets including expanding energy access to 32 million people, delivering broadband to 58 million people, improving health and nutrition services for 40 million people and supporting 9.5 million farmers.

Both efforts are intended to advance the government’s “Renewed Hope Development Plan 2026 to 2030.” Tinubu said the programs represent “promises kept” under his administration’s economic reform agenda, adding that “real prosperity means no Nigerian is left behind” as the country works toward a $1 trillion economy by 2030, according to Punch.

Looking Ahead

The government aims not only to improve poverty statistics in Nigeria but also to directly impact people and their households. As Tinubu put it, positive results are emerging from Nigeria’s economic reforms, but that progress must be felt in every household, not just in national statistics.

– Tanay Ashok Sonthalia

Tanay is based in Melbourne, Australia and focuses on Good News for The Borgen Project.

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