Nigeria’s poverty rate is expected to exceed the World Bank’s estimate of 104 million people, according to economists.
The World Bank had previously reported that the poverty rate in Nigeria increased from 40% in 2018 to 46% in 2023, representing 104 million people living below the poverty line.
However, with the recent fuel price hike and prevailing food supply challenges, experts warn that the number of poor Nigerians may soon surpass this estimate.
Professor Taiwo Owoeye, a development economist at Ekiti State University, stated that the fuel price increase will worsen inflationary pressures and push more people into poverty.
He emphasized that the salaries of most people have remained stagnant despite the surging inflationary trend.
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Also, agricultural economist Tobi Awolope noted that the fuel price hike will exacerbate the food crisis and poverty in rural areas.
The World Bank had predicted that economic reforms would undo the increase in poverty rate, but experts now believe that the current administration’s policies will only worsen the situation.
With the fuel price hike and other related factors, the number of poor Nigerians may soon exceed 100 million, according to Awolope.
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