Poverty levels in Nigeria are set to worsen over the next two years, with a growing number of citizens struggling to keep up with the rising cost of living. According to a new projection by PwC, as many as 141 million Nigerians—about 62 per cent of the population—could be living in poverty by 2026.
The warning is contained in PwC’s Nigeria Economic Outlook 2026, titled “Turning Macroeconomic Stability into Sustainable Growth”, released on Tuesday. The report notes that while recent economic reforms may help stabilise key indicators, they have yet to deliver real relief for everyday Nigerians.
PwC explained that weak income growth, coupled with persistently high prices of food, transport and basic services, is expected to push millions more people into poverty. This is despite expectations that headline inflation may gradually ease over time.
The firm estimates that Nigeria’s poverty rate will climb to 62 per cent by 2026, driven by slow wage growth and inflationary pressures that continue to erode purchasing power. For many households, especially low-income earners, income increases are unlikely to keep pace with rising expenses.
As a result, PwC warned that a large portion of the population remains highly vulnerable to economic shocks, with little buffer against sudden price increases or loss of income. The report underscores the urgent need for policies that not only stabilise the economy but also improve living standards and protect the most vulnerable Nigerians.
