Former Governor of Anambra State, Mr Peter Obi, has stated that while politicians are jostling for positions and vie for control of party structure, a staggering 62% of Nigerians, roughly 141 million people are ensnared in poverty.
Mr Peter Obi spoke in response to the Nigeria Economic Outlook 2026 Report released on Wednesday by the PricewaterhouseCoopers (PwC), projecting that about 141 million Nigerians would fall into abject poverty this year.
According to the report, poverty rate, which stood at 59% in 2024, 61% in 2025, is expected to surge to 62% in 2026. Attributing the surge to persistent food insecurity, high energy costs, and a “consumer dilemma” where spending recovery is stifled by dwindling real income.
Speaking on the development in a post on his X handle on Thursday, Mr Obi said that the fact that 141 million Nigerians are living in poverty is not merely a national failure; it is a blatant threat to the future. Stating that the time for complacency has passed.
According to him, “structural reforms—macroeconomic stability, investment in agriculture, food supply, logistics, education, health, productivity, and large-scale job creation—are no longer optional; they are imperative.”
He said the alarming statistic indicates that more than half of the nation’s population is living in dire conditions. Noting that while other nations are lifting millions out of hardship, Nigeria is regressing.
“Our trajectory starkly contrasts with nations like India and Indonesia. India successfully reduced extreme poverty from 35-40% in 2000 to an astonishing 5.3% today.
“Indonesia, too, has made significant strides, cutting poverty from around 30% in 2000 to roughly 8%, all through unwavering investments in education, health, and social protection.
“Meanwhile, Nigeria has witnessed a rise in poverty from about 40% in 2000 to a distressing 62% today. In the year 2000, India, Bangladesh, Indonesia, and Nigeria shared similar Human Development Index scores of 0.49, 0.47, 0.60, and 0.45, respectively.
“By 2025, while India and Bangladesh surged to 0.685, and Indonesia rose to 0.74, Nigeria languished at 0.53, remaining entrenched in the low human development category after 25 years.
“Can we continue to tolerate the reality that a child born in Nigeria today faces one of the highest risks of being born into poverty anywhere in the world?” Obi questioned.
Speaking on the implication of the report, he said: “Most Nigerians will not experience income growth sufficient to counter escalating costs.
“Although headline inflation may moderate, sustained high prices stemming from energy, logistics, and exchange-rate fluctuations will remain a burden.
“Low-income households are especially at risk, as food constitutes up to 70% of their total spending, leaving them acutely vulnerable to food inflation and price shocks.
“This rising tide of poverty weakens purchasing power, diminishes demand, and places immense pressure on micro, small, and medium-sized enterprises reliant on local consumers.
“A sustained increase in poverty could unravel public finances, erode human capital, and impede economic recovery unless we see robust job creation, productivity growth, and effective social protection programs.”
