He said two-tenth of that figure were in extreme poverty.
As of January 1, 2016, the population of Nigeria was estimated at 184.635 million.
Osinbajo spoke at an event hosted by the President of Ghana, Mr. John Mahama, on Africa and Sustainable Development Goals on the sidelines the African Union meeting in Kigali, Rwanda.
Excerpts of his speech at the event were made available to journalists by his Senior Special Assistant on Media and Publicity, Mr. Laolu Akande.
The Vice-President who is representing President Muhammadu Buhari at the summit said Nigeria and other African nations have to rise up to the urgent need of addressing the problems of poverty and inequality.