7.1.2026
Dwindling income and high cost of living will push about 141 million Nigerians into abject poverty in 2026.
The country’s poverty rate will rise exponentially to 62 per according to PricewaterhouseCoopers’ in its Nigeria Economic Outlook 2026 report.
The poverty rate, stood at 59% in 2024, rose to 61% (139 million people) in 2025 and is expected to climb to 62% (141 million) in 2026.
This surge is attributed to persistent food insecurity, high energy costs, and a “consumer dilemma” where spending recovery is stifled by dwindling real income.
“Poverty is projected to rise to 62 per cent (141 million people) by 2026, reflecting weak real income growth and lingering inflation effects,” PwC report noted.
While inflation is expected to ease gradually, the firm warned that the underlying cost structure of the economy would limit meaningful affordability gains for households.
The report noted that consumption patterns among low-income households were worsening the impact of rising prices. Poorer are more vulnerable to the devastating effects of increases in food prices.
PwC stated that high energy costs, logistics expenses and exchange rate pass-through effects would continue to keep the prices of food and essential goods high, even if headline inflation moderates slightly.
PwC cautioned that without targeted interventions such as job creation, productivity improvements, and effective social protection programmes, reducing poverty levels in Nigeria would remain a major challenge.