Nigeria’s Poverty Rate Stabilizes Amid Economic Reforms

President Bola Tinubu stated that the World Bank’s Nigeria Development Update confirms the poverty rate has stabilized for the first time since 2019, indicating his economic reforms are effective.

The World Bank expects poverty to decrease gradually as gross domestic product grows faster than the population.

The bank projects average economic growth to reach at least 4.4 per cent between 2026 and 2028.

World Bank forecasts inflation to ease to 12 per cent by 2028 despite higher global fuel prices linked to Middle East conflicts.

Federation revenue increased by 69 per cent in real terms between 2023 and 2025 due to economic reforms initiated in 2023.