In one of its most biting remarks, the Bank said Nigeria’s annual GDP per capita stands at a mere 4.4% of Singapore’s and just 30% of Botswana’s, a fellow African country with fewer natural resources but better economic governance.
The World Bank’s May 2025 Nigeria Development Update (NDU) reveals that 46% of Nigerians—about 107 million people—now live below the international poverty line of $2.15 per day, despite Nigeria being Africa’s largest economy. The report attributes the crisis to years of rising inflation and sluggish growth, with 40 million more people falling into poverty since 2018/19. “Labour incomes have not kept up with inflation, depleting the purchasing power of Nigerians. Poverty has deepened and broadened, especially among urban Nigerians,” the report stated.
The findings highlight a stark disconnect between economic growth and lived realities, as Nigeria’s GDP expansion fails to translate into improved living standards for ordinary citizens. “From a static perspective, Nigeria’s economy needs to grow to boost incomes and meet aspirations,” the World Bank noted, emphasizing that wealth remains concentrated among elites while inflation erodes wages.