141 million Nigerians to fall below Poverty Line in 2026 says PwC

At least 141 million Nigerians are expected to be living in poverty in 2026, according to PwC’s Nigeria Economic Outlook 2026 report. The report, titled ‘Turning macroeconomic stability into sustainable growth’, projects that about 62 percent of the population will fall below the poverty line in the year preceding the 2027 general elections.

PwC said weak real income growth and persistently high living costs are likely to push more households into poverty, despite recent policy efforts aimed at stabilising the economy. It noted that most Nigerians are unlikely to see income increases that can meaningfully offset rising prices, particularly in the short term.

The report identified food inflation as a major driver of worsening poverty, noting that food accounts for up to 70 percent of total consumption among low-income households. PwC said elevated energy costs, logistics challenges and exchange rate pressures are expected to keep food and essential goods prices high, leaving poorer households especially vulnerable.

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PwC warned that rising poverty could weaken domestic consumption, limit productivity and strain public finances, unless there is stronger job creation and effective social protection. The World Bank has also projected that Nigeria’s poverty rate will peak at 62 percent in 2026, before easing slightly to 61 percent in 2027, although the Presidency has described the figures as unrealistic and lacking proper context.