By: Chioma Madonna Ndukwu
The World Bank’s latest report reveals that over 129 million Nigerians are now living in poverty, with 14 million additional citizens falling into this category since last year.
The poverty rate has jumped from 40.1% in 2018 to 56% in 2024, driven by rising inflation and slow economic growth. The report states, “Being employed, however, is no guarantee of being able to escape poverty.”
Urban poverty has also surged, affecting 31.3% of city residents, up from 18% in 2018. In response to these challenges, the government is increasing cash transfer programs to assist struggling households.
Source: Naija News House
