Economy · Nigeria · ArchiveNigeria's Stocks Hit 60% High as Half the Nation Falls Into PovertyAired August 11, 2026 at 3:59 PM UTCWritten September 7, 2026 at 9:22 PM UTCRead the write-upThis storyTranscript · LOADING0:00Just over half of Nigerians were living0:02in poverty last [music] year, up from0:03roughly 42% in 2022. Even as capital0:07inflows reached $23 billion last year, a0:106-year high, [music]0:11and the stock exchange has risen close0:13to 60% this year. The reforms were led0:15by the Tinubu government, which removed0:17fuel subsidies in the past 3 years, and0:20portfolio manager Taiwo at 91 says this0:23is the most positive investors have felt0:25about Nigeria in the last 2 decades.0:27Just over half the population were in0:29poverty last year, a sharp increase from0:31roughly 42% in 2022. Capital inflows and0:35equities are surging, but petrol now0:37costs six times more, and the cost of0:40cooking Jollof rice has more than0:41doubled since the administration took0:43office, squeezing the same households0:45the poverty data captures. The fuel0:47subsidy removal lifted pump prices and0:49fed through to food and transport, with0:51market data showing the staple meal0:53costing more than twice what it did when0:54the reforms began 3 years ago. In Abuja,0:57health NGO worker Grace Adama says0:59housing, electricity, and everything has1:01gone up. She moved to a smaller1:03apartment to manage costs, and now1:05relies on short-term loans to pay bills1:06each month, repaying when her salary1:08comes in borrowing again, saying she1:10can't save.1:24Elections are due in January, and the1:25unresolved question is whether inflows1:27and market gains will translate into1:29relief for families already cutting1:31housing, food, [music] and savings to1:32stay current. This account draws on1:34official statistics, market data, and1:36first-hand interviews gathered in a1:38single transcript [music]1:39that has not yet received broader1:40independent confirmation.1:43For more stories that matter, like and1:45subscribe.Explore with HeyDexThe shortThe short ↗