Categories: Headlines

Nigeria Has Lost $100bn To North-East Conflict, Says UNICEF

 

The  United Nations Children’s Fund (UNICEF) says Nigeria has lost $100bn to the decade-long conflict in the country’s North-East region. 

In a report released by the child rights agency, it said Nigeria lost the money between 2008 and 2021.

“The direct effects of conflict, in terms of death and injury, loss of livelihoods, displacement, and damage to infrastructure, are transformed into long-term economic impacts. This is because these impacts reduce the rate of economic growth for the country affected by conflict relative to what it might have been, had conflict not occurred,” the UN agency said in the study published Wednesday.

“This study provides a quantitative estimate of the economic cost that arises from violence and grave violations. The study found that, for the duration of the conflict, cumulative losses (i.e., the losses that build up each year that the economy is damaged) were around US$100 billion. The monetary measures are an indicator of the lost development opportunities suffered as a result of the conflict.”

READ ALSO: NYSC Orientation Exercise To Resume In Borno After 13 Years

‘Scarring Effect’

While noting the impacts of conflicts, it said the North-East crisis has implications beyond Nigeria’s shores.

“The impacts of conflict are not confined to the regions that experience these most acutely. Nigeria as a whole, is worse off as a result of the conflict,” the report added.

“Given Nigeria’s economic size relative to the rest of the region, slower growth in the country may have broader regional spillover effects. That is, regional growth is likely to be lower than in a counterfactual case in which Nigeria was free of conflict.”

While commenting on the development, UNICEF’s Representative in Nigeria Cristian Munduate, said even if the conflict’s effect reduces in the coming years, its impacts on the economy would still be “profound”.

“Even if we anticipate a reduction in conflict effects over the next ten years, the Nigerian economy still faces profound cumulative losses,” she said.

“The ‘scarring’ effect of this drawn-out conflict may inhibit the economy from achieving its full potential, putting the nation’s future prosperity in jeopardy.”

Emmanuel Egobiambu

Disqus Comments Loading...

Recent Posts

OpenAI Unveils Voice-Cloning Tool

It must also be made clear to audiences when voices they are hearing are AI…

10 hours ago

Pope Francis Pulls Out Of Friday’s Way Of The Cross Event At Last Minute

The pope missed last year's open-air ceremony, which took place shortly after he was released…

10 hours ago

Super Sinner Destroys Medvedev To Reach Miami Final

The Italian had lost to Medvedev in the Miami final last year but beat him…

11 hours ago

VIDEO: Tinubu Is A Workaholic, We Call Him ‘President No Sleep’ – Ngelale

The presidential spokesman said he and some other staff of the Presidency call Tinubu “President…

11 hours ago

Give Nigerians Hope To Speak Good Of The Country, Bode George Tells Tinubu

The elder statesman also insisted that there is no way the 1999 Constitution can solve…

11 hours ago

Abuja, Lagos Bigwigs Masterminds Of Oil Theft In Niger Delta – Dickson

He called for strong political will on the part of leaders at all levels to…

13 hours ago