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Inflation: 129 Million Nigerians Living In Poverty — World Bank
The World Bank has released the Nigeria Development Update report, stating that over 129 million Nigerians are currently trapped in poverty.
It released the report on Thursday in Abuja as headline inflation rises, forcing millions of Nigerians into hunger.
According to the global financial body, the over 129 million Nigerians represented a sharp rise from 40.1 per cent in 2018 to 56 per cent in 2024.
The World Bank report read, “With growth proving too slow to outpace inflation, poverty has risen sharply. Since 2018, the share of Nigerians living below the national poverty line16 is estimated to have risen sharply from 40.1 per cent to 56.0 per cent.
“Combined with population growth, this means that some 129 million Nigerians are living in poverty. This stark increase partly reflects Nigeria’s beleaguered growth record. Real GDP per capita has not recovered to the level it was at prior to the oil price-induced recession in 2016.
“The COVID-19 pandemic compounded this drop in economic activity. Moreover, growth is failing to outpace inflation: large increases in prices across almost all goods have diminished purchasing power.”
It added, “Multiple shocks in a context of high economic insecurity have deepened and broadened poverty, with over 115 million Nigerians estimated to have been poor in 2023. Since 2018/19, an additional nearly 35 million people have fallen into poverty, so that more than half of Nigerians (51.1 per cent of the population in 2023) are now estimated to live in poverty.”
According to the report, there was an increase from 115 million in 2023 to 129 million in 2024, which means that 14 million Nigerians have become poorer this year.
The Washington-based bank attributed this surge to inflation, poor economic management, and external shocks.
“Several shocks have contributed to this major increase and changing profile of the poor: the COVID-19 recession, natural disasters such as flooding, growing insecurity, the high cost of the demonetization policy in Q1 2023, high inflation, and low economic growth.
“Previous domestic policy missteps compounded the effects of the shocks, particularly rising inflation, eroding the purchasing power, especially of urban households, pushing many into poverty. The government is ramping up the cash transfer programs to support economically insecure households to help weather the crisis,” the report noted.
It further revealed that while poverty remained a rural phenomenon, urban poverty had grown significantly, with 31.3 per cent of urban dwellers now living in poverty, up from 18 per cent in 2018.
The new World Bank report also noted, “Being employed, however, is no guarantee of being able to escape poverty. Many jobs are not productive and therefore remunerative enough to afford a life beyond poverty.”
It added, “Jobs hold the key to sharing the proceeds of growth. Since Nigeria has a young and growing population, the jobs that can harness the country’s potential ‘demographic dividend’ are needed now.”
Sienaert also dismissed claims that the institution seeks to keep Nigeria economically dependent.
“I’m in this position of having been the lead economist at the World Bank here in Nigeria on economic policy issues for two years now, and I just want to tell you that I’ve not seen any conspiracy within the World Bank or otherwise to keep Nigeria down,” Sienaert said.
He pointed out that Nigeria’s fiscal deficit had shrunk from 6.2 per cent of GDP in 2022 to 4.4 per cent in the first half of 2023, thanks to reforms such as the removal of FX and fuel subsidies.
Meanwhile, the World Bank Country Director for Nigeria, Dr Ndiame Diop, urged the Federal Government to sustain its reforms, warning that reversing them would be disastrous.
Diop cautioned that “reversing these reforms would be detrimental and would spell doom for Nigeria.”
He acknowledged that the reforms are difficult but essential to stabilise the economy.
Diop also noted that the World Bank is willing to offer Nigeria more loans as well as technical assistance in support of ongoing reforms.
Answering a question about whether the World Bank will keep providing loans to Nigeria, Diop said “Yes, we do have in the pipeline for this fiscal year several projects financed by the World Bank. These are government projects, implemented mostly by the states.”
He added, “Nigeria is a very important partner for the World Bank. We have been providing technical support, but also financing. But what is really important is that our financing comes with technical support and implementation support, and really making sure things go according to plan.”
The average price of commodities in Nigeria has increased by 45.92 per cent to 32.70 per cent as the headline inflation rate in September 2024 since Tinubu assumed office in May 2023.
This rate is from 22.41 per cent recorded in May 2023, indicating a 10 percentage point increase.
The Inflation rate escalated for 13 consecutive months due to various factors, including the removal of fuel subsidy, which led to increased transportation and production costs, and the depreciation of the naira against major currencies.
A breakdown of the National Bureau of Statistics monthly inflation report showed that the average price of commodities moved from 22.41 per cent in May to 22.79 per cent in June. In July, the rate increased by 1.29 per cent to 24.08 inflation rate. August inflation was 25.80 per cent, September (26.72), October(27.33), November (28.20), December (28.92).
As of late 2023, inflation surged, driven by higher prices for food, energy, and essential goods.
By January 2024, the inflation rate increased further to 29.90 per cent, mainly on the cost of food items.
It was 31.70 per cent in February, 33.20 per cent in March, 33.69 per cent in April, 33.95 per cent inMay, and 34.19 per cent in June 2024 before it dropped to 33.40 per cent in July, 32.15 per cent in August and 32.70 per cent in September.
National
Talata Mafara Resident Praises Tinubu, Matawalle For Eliminating Bandit Leaders Jijji, Kachallah Sagili
Residents of Talata Mafara Local Government Area in Zamfara State have expressed profound gratitude to President Bola Tinubu, Minister of State for Defence Dr Bello Matawalle, National Security Adviser Nuhu Ribadu, and Chief of Defence Staff General Christopher Musa for their roles in the elimination of two notorious bandit leaders
The operation, which targeted Jajji Ɗan Auta and Kachallah Sagili, has been hailed as a significant step towards restoring peace in the troubled region.
Yakubu Ibrahim Mafara, speaking on behalf of the Talata Mafara community, issued a statement on Friday commending the concerted efforts of the Nigerian government and security forces.
“We are very grateful to Matawalle, Tinubu, NSA, and others,” he said, reflecting the community’s relief and optimism following the operation.
The statement underscored the profound impact of the operation on the local population, which has long endured the terror inflicted by bandit groups in Zamfara State.
The operation took place on Thursday in Maikwanugga, a community within Talata Mafara Local Government Area, where security forces, alongside local vigilante groups, conducted targeted patrols along the Mafara axis.
According to the statement, reports indicate that Jijji Ɗan Auta and Kachallah Sagili, both feared bandit leaders responsible for numerous attacks, kidnappings, and extortion in the region, were neutralised during the operation.
” Their deaths have been described as a turning point for the community, which has suffered years of violence and insecurity.
“The killing of Jijji Ɗan Auta has brought relief and fresh air into our community,” Yakubu said, echoing the sentiments of residents who have lived under the shadow of banditry for years.
The operation is seen as a direct response to the escalating violence in Zamfara, where armed groups have terrorised rural communities, disrupted livelihoods, and displaced thousands.
The community’s gratitude reflects growing confidence in the government’s commitment to tackling insecurity in Nigeria’s northwest.
Meanwhile, the operation was a collaborative effort involving the Nigerian military and local vigilantes, who have increasingly played a critical role in intelligence-gathering and community defence.
The patrols in the Mafara axis were part of a broader strategy to dismantle bandit strongholds and restore normalcy to Zamfara, a state that has become a hotspot for banditry and kidnapping in recent years.
“The elimination of Jijji Ɗan Auta and Kachallah Sagili is expected to weaken the operational capacity of bandit groups in the region.”
The Nigerian military has called for stronger collaboration with relevant agencies to ensure proper documentation of individuals entering the country, citing the role of foreign herders in escalating violence in regions like Plateau and Benue States.
Maj.-Gen. Markus Kangye, Director of Defence Media Operations, made the appeal during a press briefing in Abuja on Thursday.
“There are agencies responsible for this, and we need to collaborate effectively,” Kangye said, emphasizing the importance of a joint framework to tackle insecurity.
“Those entering Nigeria must be properly documented and accounted for.”
He said recent attacks by armed herders in Plateau, Benue, and other parts of the country have left dozens dead and displaced thousands, particularly in farming communities.
Kangye revealed that investigations point to foreign herders as the primary perpetrators of these violent attacks, with their distinct speech patterns and physical features setting them apart from local herders.
“The Hausa language spoken in Nigeria differs significantly from that in Mali, the Central African Republic, or Ghana,” he explained.
“When we apprehend these herders and terrorists, their speech and appearance—sometimes even their hair—indicate they are not from Nigeria.”
He noted that the Shuwa Arabs in Borno are the only Nigerian community with some similarities to Sahel-region herders, but even they are distinguishable.
While acknowledging that some Nigerian herders contribute to conflicts by encroaching on farmlands, Kangye stressed that the majority of the violence is driven by foreigners crossing Nigeria’s porous borders.
“The ongoing killings reported in certain areas are primarily committed by individuals who have infiltrated our borders,” he said.
Catholic cardinals have elected Robert Prevost, the first Pope from the United States of America, who has taken the new name Pope Leo XIV after the conclave decided in just four rounds of voting on Thursday.
Italian Cardinal Giuseppe Versaldi said it took cardinals only four rounds of voting to pick a new pope and that white smoke coming out of the Sistine Chapel chimney after a day’s voting is “a clear sign of the unity of the Church. ”
The Pontiff, picked even faster than his predecessor, Francis, appeared on the Vatican balcony amid enthusiastic cheers from thousands of faithful who packed St. Peter’s Basilica on Thursday to witness the historic event.
“May peace be with all of you,” he said from the Vatican balcony after paying tribute to his predecessor, Pope Francis, who gave his life to the service of humanity. He stressed that he wants to deliver his blessing to the people as Pope Francis did in his last appearance in St Peter’s Square.
After concluding his speech, the new Pope started reading a religious passage in Latin, paying homage to the saints and the Madonna. The pope continued with a message of peace and noted, “God loves us all, unconditionally”.
“Humanity needs Christ as a bridge to be reached by God and his love. Help us, and help each other, build bridges.
“Without fear, united hand in hand with God, we are the Disciples of Christ, and the world needs his light.
“Brothers and sisters dearest, this is the first greeting of Christ resurrected. I want to offer a greeting of peace to your families, all of you, wherever you are. May peace be with you,” he said.
Chicago-born Prevost, 69, is seen as a reformer who worked for many years as a missionary in Peru before being made an archbishop there.
The cardinals strongly perceived that the new pope would need to carry forward Pope Francis’s legacy of reaching out to those on the margins and bring along with him a wide spectrum of those within the Church, including those with whom Pope Francis was sometimes at loggerheads.
Observers considered Cardinal Robert Prevost a candidate who could fulfil that role—someone who could be a bridge between different worlds.
The fact that the conclave decided in just four rounds of voting suggests that the cardinals agreed with that assessment.
Robert Prevost will be the 267th occupant of the throne of St Peter. Although he is the first American to fill the role of Pope, he is considered as much a cardinal from Latin America because of the many years he spent as a missionary in Peru before becoming an archbishop there.
Born in Chicago in 1955 to parents of Ecuadorian and French descent, Prevost served as an altar boy and was ordained as a priest in 1982. Although he moved to Peru three years later, he returned regularly to the US to serve as a pastor and a priest in his home city.
He has Peruvian nationality and is fondly remembered as a figure who worked with marginalised communities and helped build bridges. He spent 10 years as a local parish pastor and teacher at a seminary in Trujillo in northwestern Peru.
He is well known to cardinals because of his high-profile role as prefect of the Dicastery for Bishops in Latin America, which has the critical task of selecting and supervising bishops. Francis made him a cardinal less than two years ago.
As Francis appointed 80% of the cardinals who took part in the conclave, it is unsurprising that someone like Prevost was elected, even if he was only recently appointed.
He will be seen as a figure who favoured the continuity of Francis’ reforms in the Catholic Church. Prevost is believed to have shared Francis’ views on migrants, the poor and the environment.
He will be fully aware of the divisions within the Catholic Church, and his Latin American background also represents continuity after a Pope who came from Argentina.
During his time as archbishop in Peru, he did not escape the sexual abuse scandals that have clouded the Church. However, his diocese fervently denied he had been involved in any attempted cover-up.
Before the conclave, Vatican spokesman Matteo Bruni said that during gatherings of the College of Cardinals in the days before the conclave they emphasised the need for a pope with “a prophetic spirit capable of leading a Church that does not close in on itself but knows how to go out and bring light to a world marked by despair”.
Top 10 Things to Know About the New Pope, Robert Francis Prevost
1. First American Pope
Pope Leo XIV, formerly Cardinal Robert Francis Prevost, is the first pope from the United States, born in Chicago, Illinois.
2. Elected as the 267th Pope
He was chosen after a swift two-day conclave, becoming the 267th leader of the Roman Catholic Church.
3. Age and New Namel
At 69 years old, he adopted the papal name Leo XIV upon his election.
4. Deep Missionary Experience in Latin America
Prevost spent over a decade in Peru as a bishop and seminary educator, gaining respect for his pastoral leadership and cultural fluency.
5. Leader of the Augustinian Order
He led the Augustinians globally for over ten years, managing an international religious community.
6. Key Vatican Roles
Before becoming pope, he was Prefect of the Dicastery for Bishops and President of the Pontifical Commission for Latin America—two influential positions in Church governance.
7. Academic and Legal Scholar
He holds degrees in mathematics, theology, and canon law, and has taught canon law in Latin America.
8. Calm, Reform-Oriented Leader
Known for his consensus-building style, Pope Leo XIV is seen as a clear-headed reformer continuing the legacy of Pope Francis.
9. Advocate for Women’s Inclusion
He supports meaningful female participation in Church governance, emphasising their real impact within Vatican bodies.
10. Mission-Driven Papacy
Pope Leo XIV remains committed to missionary work, global outreach, and addressing challenging issues like clerical abuse with humility and resolve.