The World Bank on Wednesday said despite the economic reforms of the Federal Government, 139 million Nigerians still live in poverty.

The World Bank’s Country Director for Nigeria, Mathew Verghis, stated this at the launch of the Nigeria Development Update (NDU) report in Abuja, the nation’s capital.

Verghis commended the government for taking some steps in stabilising the economy through recent policy reforms.

He, however, warned that more needs to be done to ensure better living standards for Nigerians.

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“Over the last two years, Nigeria has tremendously implemented bold reforms — notably around the exchange rate and petrol subsidy,” Verghis said.

“These policies have laid the foundation for transforming Nigeria’s economic trajectory for decades to come.

“Growth has picked up, revenues have risen, debt indicators are improving, the FX market is stabilising, reserves are rising, and inflation is finally beginning to come down. These are big achievements, and many countries would envy them,” he said.

The country director also raised concerns over the nation’s food inflation rate, increased allocations from the Federation Account allocation committee, and what he calls a shock-responsive safety net system to help households manage crises.

Verghis explained that addressing the issues raised will pave the way for development across all levels.

“Food inflation affects everybody, but particularly the poor, and has the potential to undermine political support for reforms,” he said.

“Tight monetary policy is important, but it must be complemented by structural reforms to address deep-seated supply and market constraints. Despite these stabilisation gains, many Nigerians are still struggling,” he said.

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