About 141 million Nigerians are projected to live in abject poverty in 2026, with the country’s poverty rate forecast to rise to 62 per cent, according to the PricewaterhouseCoopers Nigeria Economic Outlook 2026 report. The poverty rate, which stood at 59 per cent in 2024, climbed to 61 per cent (139 million people) in 2025 and is expected to continue rising, reflecting persistent food insecurity, high energy costs and weak real income growth. “Poverty is projected to rise to 62 per cent (141 million people) by 2026, reflecting weak real income growth and lingering inflation effects,” the PwC report noted, warning that most Nigerians will struggle to record income gains strong enough to offset rising prices.
The report cautioned that even if headline inflation eases slightly, underlying cost structures including high energy and logistics costs and exchange rate pass-through effects will keep prices of food and essentials high, worsening consumption patterns among low-income households.
PwC said without targeted interventions such as job creation, productivity improvements and effective social protection programmes, reducing poverty will remain a major challenge. It also warned that rising poverty levels could weaken domestic consumption, constrain productivity growth and place additional pressure on public finances, posing significant risks to Nigeria’s economic stability and future growth prospects.