129 Million Nigerians in Poverty: Can Growth Without Inclusion Be Sustained?”

Around 129 million Nigerians are living in poverty according to recent estimates. This raises an important question: can economic growth that leaves so many people behind really be sustained in the long run?

The National Bureau of Statistics reports that more than 60% of the population lives below the poverty line. Poverty is particularly severe in rural areas where farming households face low productivity, poor infrastructure, and climate shocks such as flooding and drought, yet when people talk about Nigeria’s economy, the conversation often highlights oil exports, booming fintech, or the rapid growth of the stock market. These sectors have indeed lifted national GDP. In the first half of 2025, the Nigerian Exchange delivered record gains, adding trillions of naira to investors’ wealth. However, while markets grow, everyday Nigerians continue to struggle with food inflation, low wages, and limited access to services.

The phrase growth without inclusion describes an economy that expands but does not create equal opportunities for its citizens. Nigeria is a textbook case. The growth drivers in recent years have been concentrated in sectors like oil, gas, and financial services. These industries are highly capital intensive, meaning they generate wealth but employ relatively few people.

Meanwhile, agriculture still employs more than a third of Nigerians, yet productivity remains low. Small-scale farmers struggle with access to credit, modern tools, and reliable markets. In cities, many people work in informal jobs that provide little income security. So while the headline economy looks strong, the majority of citizens do not feel the benefits.

A major factor deepening poverty in Nigeria is inflation. Although inflation slowed to around 20% in August 2025, food prices remain high. This hurts low-income households the most since they spend a large portion of their earnings on food. Rising transport costs, housing challenges, and the continued pressure on the naira make life even harder.

High inflation also erodes savings and discourages investment in long-term projects. For small businesses and startups, the cost of borrowing is steep. With interest rates kept high to stabilize the currency, many entrepreneurs cannot access affordable credit. This cycle reinforces poverty and inequality.

In recent months, the Nigerian government has introduced tax incentives aimed at attracting investment in agriculture, energy, and manufacturing. Large-scale projects can now qualify for multi-year tax credits if they meet certain thresholds. The idea is to channel capital into sectors that can create jobs and improve productivity.

While these policies may encourage investors, the high minimum requirements could leave out smaller players who also need support. For inclusive growth to happen, policies must not only focus on big-ticket projects but also strengthen the backbone of the economy: small and medium enterprises.

Can growth without inclusion really be sustained? 

The short answer is no. An economy cannot thrive when more than half of its population is trapped in poverty. Growth that benefits only a small elite eventually creates instability. 

Social unrest, insecurity, and weak consumer demand all flow from exclusion.

For sustainable growth, Nigeria needs policies that spread opportunities. Affordable housing, healthcare, better rural infrastructure, and fair taxation can make a big difference. Supporting small businesses, modernizing agriculture, and encouraging inclusive finance will also help bridge the gap.

We have the resources, the talent, and the entrepreneurial spirit to turn things around. The challenge is not whether growth is possible, but whether growth can be inclusive. Lifting millions out of poverty requires a shift from numbers-driven economic planning to people-focused development.