UNICEF has revealed that Nigeria suffered a staggering $100 billion economic loss during the decade-long conflict in its North-East region from 2008 to 2021. The child rights agency emphasized that the direct consequences of conflict, including death, injuries, livelihood loss, displacement, and infrastructure damage, have translated into long-term economic repercussions. These repercussions have hampered Nigeria’s economic growth compared to what it could have achieved without conflict, as stated in their recently published report.
Thank you for reading this post, don't forget to subscribe!The study quantifies the economic toll of violence and grave violations, finding cumulative losses of approximately $100 billion over the conflict’s duration. These monetary figures underscore the developmental opportunities forfeited due to the conflict.
Moreover, UNICEF highlights that the impact of the North-East crisis extends beyond Nigeria’s borders, affecting the entire nation. Given Nigeria’s significant economic size within the region, the conflict’s adverse effects have regional spillover implications, leading to slower growth throughout the region.
UNICEF’s Representative in Nigeria, Cristian Munduate, expressed concern about the profound and lasting impact of this prolonged conflict on the nation’s economy. Even if the conflict diminishes in the coming years, Nigeria will still grapple with substantial cumulative losses, potentially hindering its future prosperity. The “scarring” effect of the conflict threatens the nation’s economic potential.
