Nigeria Becomes Epicentre of Global Poverty Under Tinubu, World Bank and IMF Reports Reveal Alarming Trend

 

Nigeria has overtaken all other countries in the world in the number of citizens living in extreme poverty, according to the latest Africa’s Pulse report released by the World Bank in April 2025. The report paints a sobering picture of Sub-Saharan Africa’s economic challenges, with Nigeria standing at the center of the storm, accounting for a staggering 19% of the region’s extremely poor population.

In a chart that accompanied the World Bank's findings, Nigeria emerged as the country with the highest concentration of extreme poverty in Sub-Saharan Africa—home to 560 million of the world’s 695 million extremely poor people. This translates to approximately 106 million Nigerians living in extreme poverty as of 2024, making up more than 15% of the global figure. For context, this is more than the combined populations of several West African nations.

Following Nigeria on the poverty scale are the Democratic Republic of Congo with 14%, Ethiopia at 9%, and Sudan with 6%. Together, these four countries make up half of all extremely poor people in Sub-Saharan Africa.

The report arrives just weeks before President Bola Ahmed Tinubu marks his second year in office on May 29, 2025. Elected on a promise of economic renewal, Tinubu's tenure has been defined by sweeping fiscal reforms, most notably the removal of fuel subsidies and the unification of Nigeria's multiple exchange rates. These moves, which were initially praised by international lenders, have since sparked sharp criticism domestically due to their impact on inflation, food prices, and purchasing power.

While President Tinubu insists that these policy decisions are “tough but necessary” steps toward long-term economic stability, both the World Bank and the International Monetary Fund (IMF) have signaled growing concern about the short-term fallout for ordinary Nigerians. In its own recent assessment, the IMF stated that, despite reform efforts, there has been little to no relief for citizens grappling with poverty and food insecurity.

“The outlook is marked by significant uncertainty,” the IMF stated. “Elevated global risk sentiment and lower oil prices impact the Nigerian economy. Looking ahead, macroeconomic policies need to further strengthen buffers and resilience, while creating enabling conditions for private sector-led growth.”

The fuel subsidy removal, which more than doubled transport and energy costs, combined with currency devaluation, has led to soaring inflation and an erosion of purchasing power. These effects have pushed millions more Nigerians into poverty over the past year alone.

In August 2024, mounting frustration over the worsening economic situation culminated in a 10-day nationwide protest involving thousands of Nigerians across major cities. Demonstrators decried hunger, joblessness, and what they called "anti-people policies" under Tinubu’s leadership. However, the president has remained steadfast, urging Nigerians to “endure the temporary pain for the sake of future gains.”

Despite the public backlash, international financial institutions had initially shown optimism about Tinubu’s approach. But the most recent updates suggest a shift in tone, with both the World Bank and IMF highlighting the growing gap between reform intentions and actual outcomes.

As the 2027 horizon approaches, the World Bank warns that the situation may worsen unless there is a significant policy pivot or immediate relief strategies are introduced. According to the report, more Nigerians are expected to fall below the poverty line, exacerbating already dire living conditions in a country grappling with insecurity, youth unemployment, and declining public trust in governance.

In a region already struggling with conflict and weak economic structures, Nigeria’s current trajectory is a red flag—not just for policymakers, but for the entire African continent. The country, once touted as the "giant of Africa," now faces an uphill battle to pull millions out of poverty, a goal that seems increasingly out of reach without a change in course.

Whether Tinubu’s administration can balance structural reform with humane economic recovery remains to be seen, but for millions of Nigerians living on the edge, the promise of a better tomorrow still feels painfully distant.