The World Bank’s latest report on Nigeria reveals a dire situation, with over 129 million Nigerians now living below the national poverty line, marking a significant increase from 40.1% in 2018 to 56% in 2024, SAVANNAH NEWSNOW REPORTS.
This surge in poverty levels is attributed to economic challenges, including slow growth that fails to outpace inflation, and external shocks such as the COVID-19 pandemic.
The report highlights that since 2018, an additional 35 million people have fallen into poverty, with urban poverty notably increasing from 18% to 31.3%.
The situation is further exacerbated by factors like insecurity, natural disasters, and policy missteps, which have eroded purchasing power and pushed more Nigerians into poverty.
