By Ebi Kesiena
Nigeria’s poverty crisis is expected to worsen in the coming years, with about 141 million Nigerians projected to be living in abject poverty by 2026, according to the PricewaterhouseCoopers (PwC) Nigeria Economic Outlook 2026 report.
The report estimates that the country’s poverty rate will rise to 62 per cent in 2026, up from 61 per cent in 2025 and 59 per cent in 2024. In numerical terms, the population living in extreme poverty is projected to increase from 139 million in 2025 to 141 million next year.
PwC attributed the worsening outlook to persistent food insecurity, rising energy and logistics costs, and what it described as a “consumer dilemma,” in which household spending remains constrained by declining real incomes.
According to the report, most Nigerians are unlikely to record income growth strong enough to keep pace with rising prices in the near term, as inflation continues to erode purchasing power.
“Poverty is projected to rise to 62 per cent (141 million people) by 2026, reflecting weak real income growth and lingering inflation effects,” the report stated.
Although inflation is expected to moderate gradually, PwC warned that the underlying cost structure of the Nigerian economy would limit meaningful affordability gains for households. The firm noted that consumption patterns among low-income earners are worsening the impact of price increases, particularly for food, which accounts for a significant portion of their spending.
PwC added that high energy costs, logistics expenses and exchange-rate pass-through effects are likely to keep the prices of food and essential goods elevated, even if headline inflation eases slightly.
The report cautioned that without targeted interventions, including large-scale job creation, productivity improvements and effective social protection programmes, reversing Nigeria’s rising poverty trend would remain difficult.
PwC also warned that escalating poverty levels pose serious risks to the country’s economic stability and growth prospects, as a growing population struggling to meet basic needs could weaken domestic consumption, constrain productivity growth and place additional pressure on public finances.
