This paper examined vulnerability to poverty of households among rural households in South West Nigeria using
primary data from a two-wave panel survey (lean versus harvesting periods). Results showed that on the average
there is a 0.56 probability of entering poverty a period ahead in the region and relatively high poverty rates were
associated with much higher vulnerability while low poverty rates were associated with considerably low
vulnerability. Vulnerable households are mostly large sized with high number of dependants and characterized by
under aged or old, female headed, widowed household heads. They are mostly engaged in farming as their primary
occupation, have no or low educational attainment and are landless. The findings underscore the centrality of
social protection policy mechanisms as potent poverty reduction tools and necessary policy interventions to reduce
consumption variability through reducing exposure to risk or improving the ex post coping mechanisms of the
vulnerable.