In a recent report released on Wednesday, the United Nations Children’s Fund (UNICEF) has revealed that Nigeria has incurred a staggering economic loss of $100 billion as a result of the prolonged decade-long conflict in the country’s North-East region. This report sheds light on the dire consequences of the conflict, detailing the substantial financial toll it has taken on the nation between 2008 and 2021.
UNICEF’s report highlights that the ramifications of this protracted conflict extend beyond immediate casualties and damage. The direct consequences of the conflict, including loss of life, injuries, displacement, damage to infrastructure, and the erosion of livelihoods, have morphed into long-term economic impacts that hindered Nigeria’s growth potential.
The report explains that these economic losses are primarily due to the reduction in the rate of economic growth in Nigeria, a rate that would have been significantly higher if the conflict had not disrupted the country’s development trajectory.
In a statement, UNICEF stated, “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, which represent the compounding economic damage each year, amounted to approximately $100 billion. These monetary figures serve as a stark indicator of the development opportunities lost due to the conflict.”
Furthermore, the report underscores that the consequences of the North-East conflict reach far beyond Nigeria’s borders, impacting neighboring regions as well. Nigeria’s economic significance within the region implies that its slower growth rate due to the conflict can lead to broader regional spillover effects, ultimately resulting in diminished growth across the entire region.
UNICEF’s Representative in Nigeria, Cristian Munduate, commented on the report, emphasizing that even if the conflict’s intensity diminishes in the coming years, the economic impacts will continue to be deeply felt. She stated, “Even if we anticipate a reduction in conflict effects over the next ten years, the Nigerian economy still faces profound cumulative losses. 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.”
This report serves as a stark reminder of the far-reaching and long-lasting consequences of conflict, not only in terms of human suffering but also in the substantial economic toll it exacts on nations and regions. As Nigeria grapples with the aftermath of this decade-long conflict, the road to recovery and rebuilding remains a daunting challenge that will require sustained effort and international support.
