Nigeria’s poverty experience over the past decade reveals a persistent paradox: despite periods of economic growth and expanded social protection, many households remain vulnerable. The article draws on qualitative life-history research conducted in 2023 under the Better Assistance in Crises (BASIC) programme across multiple Nigerian states representing diverse rural, urban, agrarian and conflict-affected settings to examine the limits of poverty reduction strategies centred on macroeconomic growth and short-term social protection. It argues that ‘growth from below’ – through smallholder agriculture, informal investments and more asset-secure women’s livelihoods – has been central to household resilience and upward mobility. The findings show that poverty trajectories are often characterised less by linear ‘graduation’ from poverty than by oscillation between recovery and setback within a polycrisis environment. Households frequently rely on informal investment, agricultural activity and social networks to manage risk and rebuild livelihoods, yet policy frameworks often treat informality primarily as a source of taxation or regulation rather than support. The evidence also highlights how women’s livelihood strategies are constrained by unequal asset ownership, insecure work and unpaid care responsibilities. While social protection programmes can help smooth consumption during crises, they often do not adequately support asset protection, livelihood diversification or longer-term resilience, particularly in contexts of chronic risk. The article therefore calls for anti-poverty policy to move beyond short-term relief towards asset protection, support to informal livelihoods and asset-secure pathways for women. Recognising growth from below does not replace social protection; rather, it strengthens it by aligning policy with lived economic realities.