2026: PwC Projects 141 Million Nigerians Will Live in Poverty, Presidency Reacts
- A new report from PwC has projected that Nigeria’s poverty rate will rise to 62 percent by 2026
- The report stated that about 141 million people will be left in poverty due to weak income growth and high living costs
- The federal government has replied to the report and dismissed some of the projections
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
At least 141 million Nigerians are expected to be living in poverty by 2026, according to PwC’s Nigeria Economic Outlook 2026.
The report titled turning macroeconomic stability into sustainable growth, cited deepening social pressure despite recent policy efforts to stabilise the economy.
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PwC projects that poverty will rise to about 62 percent of the population in the year preceding the 2027 general elections, driven by weak real income growth and persistently high living costs.
Although recent reforms are aimed at restoring macroeconomic stability, most households are unlikely to see income increases strong enough to offset rising prices in the near term.
The firm said:
“Poverty is projected to rise to 62 percent, representing about 141 million people, by 2026, reflecting weak real income growth and lingering inflation effects."
Why Nigerians will fall into poverty?
While inflation is expected to ease gradually, PwC noted that the underlying cost structure of the economy means affordability gains for households will remain limited. Energy prices, logistics costs and exchange rate effects are expected to keep food and essential goods prices elevated, DailyTrust reports.
Low income households are particularly vulnerable, the report said, because food accounts for as much as 70% of total consumption among poorer Nigerians. With food inflation remaining high, these households are disproportionately exposed to price shocks.
PwC warned that rising poverty levels could weigh on Nigeria’s economic stability by weakening domestic consumption, limiting productivity gains and putting additional pressure on public finances.
Without strong job creation, productivity improvements and effective social protection, efforts to reduce poverty may remain out of reach, the firm added.
In a 2025 assessment, PwC had warned that rising inflation, high interest rates and naira depreciation could push an additional 13 million Nigerians below the national poverty line.
It recommended a broad response including sustained macroeconomic stability, food supply reforms and increased investment in agriculture and logistics.
Source: Twitter
World Bank outlook
PwC’s projections broadly align with recent World Bank estimates.
In its Nigeria Development Update published last year, the World Bank said the country’s long running struggle with mass poverty could ease slightly in 2027, marking the first improvement in nearly a decade.
The lender projected that the poverty rate would peak at 62% in 2026, equivalent to about 141 million people, before dipping marginally to 61 percent in 2027, or roughly 140 million Nigerians.
The World Bank said, adding that poverty would rise in 2026 before stabilising and slightly declining the following year:
“Still modest growth and remaining inflationary pressure, particularly from food prices, are expected to further push poverty up."
FG reacts to the projection
Despite these projections, the Presidency has disputed the figures.
The Special Adviser on Media and Public Communication, Sunday Dare, said on social media platform X that the statistics were unrealistic and should be properly contextualised within global poverty measurement frameworks.
Ex-NBS chief speaks on poverty rate
Earlier, Legit.ng reported that former National Bureau of Statistics head, Yemi Kale, has said that about 89 million Nigerians, representing roughly 40% of the population, are living below the poverty line.
Kale, now group chief economist and managing director for research and trade intelligence at Afreximbank, noted that Nigeria ranks second globally in the number of people living in poverty, behind India.
Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
