At least 141 million Nigerians are projected to be living in poverty by 2026, representing about 62 per cent of the population, according to PwC’s Nigeria Economic Outlook 2026.
The report, titled “Turning Macroeconomic Stability into Sustainable Growth,” warns that weak real income growth and persistently high living costs will push more households below the poverty line, despite recent economic reforms.
PwC noted that most Nigerians are unlikely to see income increases sufficient to offset rising prices, particularly food costs, which account for up to 70 per cent of consumption among low-income households.
Continued food inflation, energy costs, logistics challenges and exchange rate pressures are expected to keep essential goods expensive.
The firm cautioned that rising poverty could undermine economic stability by weakening domestic consumption, productivity and public finances, stressing that poverty reduction will remain elusive without strong job creation, productivity gains and effective social protection.
PwC also recalled that inflation, high interest rates and naira depreciation could push an additional 13 million Nigerians into poverty, recommending sustained macroeconomic stability, food supply reforms and increased investment in agriculture and logistics.
Similarly, the World Bank projects Nigeria’s poverty rate will peak at 62 per cent in 2026 before easing slightly to 61 per cent in 2027, the first marginal improvement in nearly a decade.
However, the Presidency has disputed the figures, describing them as unrealistic and calling for better contextualisation within global poverty measurement frameworks.
