Over 140 million Nigerians are at risk of falling into poverty by December, with the poverty rate projected to hit 62% by 2026, according to PwC’s Nigeria Economic Outlook 2026 report. The main drivers of this trend are weak real income growth and persistently high living costs, particularly food prices, which account for up to 70% of consumption among low-income households.
The situation is dire, with food inflation remaining elevated and energy costs, logistics expenses, and exchange rate fluctuations keeping essential goods prices high. This could lead to a significant increase in poverty, affecting households across the country, especially those in rural areas, where the poverty rate is already at 75.5%.
The World Bank echoes these concerns, projecting that 141 million Nigerians will be living in poverty by 2026, with the northeast zone bearing the brunt, at over 80% poverty rate. The government is urged to implement policies that boost productivity, support job creation, and improve household purchasing power to mitigate this crisis.
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