At least 141million Nigerians are expected to be living in poverty this year, according to PwC’s Nigeria Economic Outlook 2026.
The report titled: “Turning macroeconomic stability into sustainable growth,” projected deteriorating poverty levels of about 62% of the population in the year preceding the election year 2027.
The report shows that despite recent policy adjustments aimed at economic stabilisation, weak real income growth and elevated living costs are likely to push more households into poverty over the next two years.
PwC estimates that Nigeria’s poverty rate will rise to 62% by 2026, reflecting the combined effects of sluggish income growth and persistent inflationary pressures.
According to the report, most Nigerians are unlikely to experience income increases that meaningfully offset rising costs, especially in the short term.
“Poverty is projected to rise to 62% (141 million people) by 2026, reflecting weak real income growth and lingering inflation effects,” PwC noted.
While inflation may gradually moderate, PwC notes that the underlying cost structure of the economy suggests that affordability gains for households will remain limited.
A major contributor to worsening poverty, PwC explains, is the consumption pattern of low-income households.
Food accounts for up to 70% of total consumption among poorer Nigerians, leaving them highly exposed to food price increases.