A new report by the United Nations Children Fund (UNICEF) has revealed that the 13-year-old insurgency that has ravaged the northeastern states of Borno, Adamawa and Yobe states has cost Nigeria $100 billions.
The report, which was released yesterday in Abuja, detailed the devastating economic impact of the ongoing armed conflict in Northeast Nigeria.
It further revealed that as of 2021, the Nigerian economy shrinked by 2.5 percent, making it smaller than it would have been without the conflict, thus, equating it to a cumulative loss of approximately $100 billion over the last 13 years.
UNICEF Representative in Nigeria, Ms. Cristian Munduate, said the data collected from the survey brought a harrowing reality of the years of crisis into sharp focus, even as it illustrated how violence and grave violations against children have led to a dire economic downturn, affecting not just the conflicted region, but the country as a whole.
She said the greatest tragedy lies in the impact of the crisis on children, particularly their disrupted education and the violation of their basic rights which are losses that cannot be quantified. She further highlighted the potential long-term consequences of the ongoing conflict: “Even if we anticipate a reduction in conflict effects over the next 10 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.”
She called for swift and unified action to end the conflict.
“The time to act is now. The future of our children and our nation’s economic growth are at stake. We must prioritise peace and the protection of children’s rights to ensure a brighter future for Nigeria.
“Each statistic in the report represents a child, a future, a hope. Beyond the staggering figures, there’s a compelling call to action. We cannot ignore it. The stakes are simply too high,” Munduate added.