The problem of poverty and its conceptualisation has been a central concern of many extant literature, especially in emerging economies. A central issue underpinning these studies is the assumption that poverty is a multidimensional construct. Thus, these various concepts of poverty constitute a conceptual plurality. Consistent with the burgeoning interest in understanding the various meanings of poverty, and using the conceptual pluralism approach, this study seeks to investigate the similarities and divergences concerning poverty understanding in Nigeria. Of particular concern are concepts of poverty used by various anti-poverty organisations, and by people in communities where anti-poverty organisations work. Using field interviews and extensive Focus Group Discussions spanning various anti-poverty organisations, and the four geo-political zones in Nigeria, this study carries out its investigation on the conceptual pluralism in the understanding of poverty in Nigeria and its relationship to formulated poverty reduction strategies. The findings reveal that there are wide variations in the conceptualisation of poverty from the voices of the poor and anti-poverty organisations involved in poverty reduction campaigns. Of particular interest are the traditional, cultural and non-material understandings of poverty. Furthermore, the findings reveal that the definitions of poverty presented by the poor and actors of anti-poverty measures unveiled some perceived causes of poverty in Nigeria. The research also finds that there is an underlying dynamism over time in the understanding and conceptualisation of poverty; and that these changes are anchored on certain economic, social, cultural and political factors operating in different periods. It equally finds that there are underlying linkages between poverty conceptualisation and the adopted strategies and policies employed by anti-poverty organisations. This is predicated on the fact that the type of poverty identified and prioritised by these organisations largely shapes the measures taken to address poverty gaps in Nigeria. Finally, the research particularly reveals internal and external tensions as the implications of conceptual pluralism in the understanding of poverty amongst anti-poverty organisations, as well as challenges faced in the implementations of anti-poverty measures.