Peter Obi, a former presidential candidate for the Labour Party, has bemoaned the fact that Nigerians are living in abject poverty while politicians are preoccupied with power struggles.
Obi said in a post on his verified X handle on Thursday that Nigeria is regressing while other countries are pulling millions out of poverty.
According to Obi, the startling figure of around 62% of Nigerians, or 141 million people, living in poverty shows that over half of the country’s population is living in appalling conditions.
A hard reality faces our country as we politicians compete for jobs and control of party structures, frequently exchanging posts before elections are over.
The number of Nigerians living in poverty increased from 81 million in 2019 to almost 139 million in 2025, according to World Bank data. The number of Nigerians living in poverty increased by 14 million in just one year, from 2023 to 2024, from 115 million to 129 million.
According to projections for 2026, this number is expected to reach approximately 141 million, which means that between 2023 and 2026, an extra 26 million Nigerians will fall into poverty.
These dire forecasts are supported by the Nigeria Economic Outlook 2026 report, “Turning Macroeconomic Stability into Sustainable Growth.” An astounding 141 million people, or 62% of the population, are predicted to live in poverty by 2026.
The paper emphasizes that poor real income growth and continuously high living expenses would worsen poverty notwithstanding recent attempts at stabilization.
“The majority of Nigerians won’t see enough income growth to offset rising expenses. Sustained high prices resulting from energy, logistics, and exchange-rate volatility will continue to be a hardship even though headline inflation may moderate.
Low-income households are particularly vulnerable to food inflation and price shocks because food can account for up to 70% of their overall spending.
Micro, small, and medium-sized businesses that depend on local customers are under tremendous strain as a result of the rising tide of poverty, which also reduces demand and decreases purchasing power. If we don’t see strong job creation, productivity growth, and efficient social safety measures, a persistent rise in poverty might destabilize state finances, deplete human capital, and obstruct economic recovery.
“Our path is very different from that of countries like Indonesia and India. From 35–40% in 2000 to an astounding 5.3% now, India has effectively decreased extreme poverty. Due to consistent increases in social safety, health care, and education, poverty in Indonesia has decreased from over 30% in 2000 to about 8%.
In the meantime, poverty in Nigeria has increased from roughly 40% in 2000 to an alarming 62% now.
“Can we accept the fact that a child born in Nigeria today has one of the highest chances of being born into poverty worldwide? 141 million Nigerians live in poverty, which is a clear threat to our future rather than just a national failure. Complacency is no longer appropriate. Macroeconomic stability, investments in agriculture, food supply, logistics, education, health, productivity, and the creation of large-scale jobs are all structural reforms that are now essential, he said.
