The United Nations Children’s Fund (UNICEF) has revealed that Nigeria has suffered substantial economic losses amounting to $100 billion due to the decade-long conflict in the country’s North-East region.
A report released by the United Nations child rights agency on Wednesday highlights that these losses occurred between 2008 and 2021.
UNICEF explained that the direct consequences of the conflict, including fatalities, injuries, livelihood disruptions, displacement, and infrastructure damage, have translated into lasting economic repercussions.
These effects have hindered Nigeria’s economic growth compared to what it could have achieved in the absence of conflict.
The study conducted by UNICEF provides a quantitative assessment of the economic toll arising from violence and severe violations.
It determined that cumulative losses over the conflict’s duration, signifying the annual economic decline due to damage to the economy, amounted to approximately $100 billion.
These monetary figures reflect the missed opportunities for development resulting from the conflict.
Furthermore, the report emphasizes that the impacts of the North-East conflict extend beyond Nigeria’s borders.
It states that the consequences of conflict are not limited to the most affected regions, affecting the entire nation.
Given Nigeria’s economic significance within the region, the conflict has potentially led to reduced regional growth compared to a hypothetical scenario in which Nigeria remained conflict-free.
UNICEF’s Representative in Nigeria, Cristian Munduate, noted that even if the conflict’s effects diminish in the coming years, its profound impact on the economy will persist.