The poverty rate of the country is staggering despite the country’s riches. 40.9 percent of Nigerians (89 million people) live below the poverty line, while another 53 million are vulnerable. As many as 4 in 10 Nigerians live below the national poverty line. According to the Washington-based bank, the number of poor Nigerians is projected to hit 95.1 million in 2022.
The number of households in Nigeria reached 43.0 million in 2020, according to the National Statistical Office. On average, the monthly cost of living for an individual in Nigeria amounted to 48,143 thousand Nigerian Naira, which equalled roughly 111 U.S. dollars. On the other hand, 153,537 thousand Naira for a family, about 354 U.S. dollars.
In Nigeria, an individual is considered poor when has availability of less than 158,308 thousand Nigerian Naira (roughly 365 U.S. dollars) per year. Similarly, a person having under 92,382 thousand Naira (about 213 U.S. dollars) in a year available for food was living below the poverty line according to Nigerian national standards.
In May 2020, the Nigerian National Bureau of Statistics (NBS) released the 2018/19 Nigerian Living Standards Survey (NLSS) providing the first official estimates of poverty and welfare in Nigeria in almost a decade. NLSS collected detailed data on consumption, education, health, employment, housing conditions, and many other key non-monetary indicators of welfare.