Former Labour Party presidential candidate, Peter Obi, has raised a stark alarm over Nigeria’s worsening socio-economic condition, warning that political power struggles are deepening national poverty and threatening the country’s future.
In a statement released on Thursday, Obi lamented that while politicians scramble for positions and control of party structures, the number of Nigerians trapped in poverty continues to rise at an alarming rate.
“While politicians jostle for positions and vie for control of party structures—often sharing posts even before elections are concluded—a harsh truth confronts our nation: a staggering 62% of Nigerians, roughly 141 million people, are ensnared in poverty,” Obi said. “This means more than half of our population is living in dire conditions, even as other nations lift millions out of hardship.”
Citing World Bank data, Obi noted that Nigeria’s poverty figures have surged dramatically in recent years, rising from 81 million people in 2019 to about 139 million in 2025.
“In just one year, from 2023 to 2024, the number of Nigerians living in poverty jumped from 115 million to 129 million—an increase of 14 million people,” he said. “Projections for 2026 indicate that this figure will rise to around 141 million, meaning an additional 26 million Nigerians will be pushed into poverty between 2023 and 2026.”
Obi referenced the Nigeria Economic Outlook 2026 report, titled “Turning Macroeconomic Stability into Sustainable Growth,” which, he said, reinforces these grim projections.
“By 2026, an overwhelming 141 million Nigerians—62% of the population—are expected to be living in poverty,” he stated. “Despite recent attempts at stabilization, weak real income growth and persistently high living costs will continue to worsen poverty.”
According to Obi, most Nigerians are unlikely to experience income growth sufficient to offset rising costs, particularly for food and energy.
“Even if headline inflation moderates, sustained high prices driven by energy, logistics, and exchange-rate pressures will persist,” he said. “Low-income households are especially vulnerable because food accounts for up to 70% of their total spending.”
He warned that the growing poverty crisis is eroding purchasing power, weakening demand, and placing immense pressure on micro, small, and medium-sized enterprises that depend on local consumers.
“A sustained rise in poverty could unravel public finances, erode human capital, and stall economic recovery unless there is robust job creation, productivity growth, and effective social protection,” Obi cautioned.
Drawing comparisons with other developing economies, Obi said Nigeria’s trajectory sharply contrasts with countries such as India and Indonesia.
“India reduced extreme poverty from about 35–40% in 2000 to just 5.3% today, while Indonesia cut poverty from roughly 30% to about 8%,” he noted. “They achieved this through consistent investment in education, health, and social protection. Nigeria, however, has moved in the opposite direction—from about 40% poverty in 2000 to a distressing 62% today.”
Obi also highlighted Nigeria’s stagnation on the Human Development Index (HDI), noting that while peer countries have made significant progress, Nigeria remains stuck in the low human development category.
“In 2000, India, Bangladesh, Indonesia, and Nigeria had similar HDI scores,” he said. “By 2025, India and Bangladesh climbed to 0.685, Indonesia rose to 0.74, while Nigeria languished at 0.53 after 25 years.”
Questioning the sustainability of the current path, Obi warned of the long-term consequences for future generations.
“Can we continue to tolerate a reality where a child born in Nigeria today faces one of the highest risks of being born into poverty anywhere in the world?” he asked. “The fact that 141 million Nigerians live in poverty is not just a national failure—it is a direct threat to our future.”
He concluded by calling for urgent, far-reaching reforms.
“The time for complacency has passed,” Obi said. “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.”
