PricewaterhouseCoopers (PwC) has projected that about 141 million Nigerians could fall into abject poverty in 2026, according to its Nigeria Economic Outlook 2026 report, which warns that the country’s poverty rate is expected to rise sharply to 62 per cent.
The report stated that Nigeria’s poverty rate stood at 59 per cent in 2024 before rising to 61 per cent in 2025, representing about 139 million people, and is projected to climb further to 62 per cent, or 141 million people, in 2026.
PwC attributed the projected increase to persistent food insecurity, high energy costs and what it described as a “consumer dilemma,” where any recovery in spending is limited by weak real income growth.
The firm said most Nigerians are likely to struggle to achieve income gains strong enough to offset rising prices in the near term, especially as inflation continues to erode purchasing power across households.
“Poverty is projected to rise to 62 per cent (141 million people) by 2026, reflecting weak real income growth and lingering inflation effects,” the PwC report noted.
While inflation is expected to ease gradually, the report warned that the underlying cost structure of the economy would limit meaningful affordability gains for households.
It added that consumption patterns among low-income households are worsening the impact of rising prices, noting that poorer Nigerians remain more vulnerable to sharp 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 other essential goods elevated, even if headline inflation moderates slightly.
The firm cautioned that without targeted interventions such as job creation, productivity improvements and effective social protection programmes, reducing poverty levels in Nigeria would remain difficult.
According to PwC, rising poverty levels pose significant risks to Nigeria’s economic stability and growth prospects, as more people struggling to meet basic needs.
