World Bank has urged Nigeria to ensure that the benefits of recent macroeconomic reforms translate into real improvements in citizens’ living standards, as approximately 139 million Nigerians remain in poverty.
Nigeria’s reforms, including removing petrol subsidies and unifying exchange rates, have stabilized the economy and improved revenues, foreign exchange markets, reserves, and inflation. However, many Nigerians have yet to feel these benefits, highlighting the need to convert macroeconomic gains into welfare improvements.
Additionally, the Nigeria Development Update recommends focusing on reducing inflation, enhancing public spending efficiency, and expanding social safety nets, with particular attention to curbing food inflation to support the poor and sustain reform support.
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