Nigeria’s poverty rate is projected to increase to 62 per cent by 2026, with an estimated 141 million people expected to be living below the poverty line, according to a report by PricewaterhouseCoopers.
The projection is contained in PwC’s Nigeria Economic Outlook 2026 report titled Turning Macroeconomic Stability Into Sustainable Growth. The firm warned that despite recent policy measures aimed at stabilising the economy, weak growth in real incomes and persistently high living costs could push millions more Nigerians into poverty over the next two years.
PwC noted that inflation continues to erode purchasing power, making it difficult for most households to achieve income gains strong enough to offset rising prices. It added that although inflation is expected to slow gradually, the structure of the economy will limit meaningful improvements in affordability for many Nigerians.
“Poverty is projected to rise to 62 per cent, representing about 141 million people by 2026, reflecting weak real income growth and lingering inflationary pressures,” the report stated.
The firm highlighted that low income households are particularly vulnerable due to their spending patterns. According to PwC, food accounts for as much as 70 per cent of total consumption among poorer Nigerians, exposing them heavily to food price inflation. With food inflation remaining elevated, these households are more susceptible to price shocks, even if headline inflation shows signs of easing.
PwC added that high energy costs, transportation expenses and the impact of exchange rate movements are expected to keep prices of food and other essential goods elevated in the near term.
The report warned that rising poverty levels pose serious risks to Nigeria’s economic stability and long term growth prospects. A growing population struggling to meet basic needs could weaken domestic consumption, reduce productivity and increase pressure on public finances.
Similar concerns were raised by the World Bank in its Nigeria Development Update. The lender reported that the number of Nigerians living in poverty increased sharply from about 81 million in 2019 to approximately 139 million in 2025. This means nearly 62 per cent of the population currently lives below the poverty line.
Earlier estimates showed that around 115 million Nigerians were living in poverty in 2023, rising to about 129 million in 2024. This indicates that roughly 14 million people fell into poverty within a single year.
Both PwC and the World Bank cautioned that without targeted interventions, reducing poverty levels will remain difficult. They emphasised the need for job creation, productivity improvements and effective social protection programmes to protect vulnerable households and support sustainable economic growth.
