The World Bank has warned that extreme poverty is growing rapidly in Nigeria and 38 other economies affected by conflict and instability, worsening hunger and pushing development goals further out of reach.
The bank made this known in a statement released on Friday titled “Extreme Poverty is Rising Fast in Economies Hit by Conflict, Instability,” based on its post-COVID assessment of fragile and conflict-affected states.
Nigeria is listed among the 39 economies the bank classified as being in Fragile and Conflict-Affected Situations, a group that includes Afghanistan, Sudan, Syria, Yemen, Haiti, Democratic Republic of Congo, and Venezuela, among others.
“These countries include both those experiencing active conflict and others facing deep instability,” the statement said.
In Nigeria’s case, insecurity from banditry and kidnappings in the Northwest, and a prolonged insurgency in the Northeast, are cited as major drivers of fragility.
According to the bank’s findings, economic conditions in these fragile states have continued to deteriorate since the pandemic, even as other developing economies begin to recover.
“Since 2020, their per capita GDP has shrunk by an average of 1.8 per cent per year, while expanding by 2.9 per cent in other developing economies.
“This year, 421 million people are struggling on less than $3 a day in economies afflicted by conflict or instability—more than in the rest of the world combined.
“That number is projected to rise to 435 million, or nearly 60 per cent of the world’s extreme poor, by 2030,” the report said.
The World Bank highlighted that while global attention has focused on Ukraine and the Middle East, Africa suffers most from conflict. Over 70% of those affected by instability are Africans, with half of conflict-affected countries enduring it for 15 years or more.
This chronic instability fuels widespread misery and hinders efforts to end extreme poverty, which remains nearly 40% in fragile states versus 6% elsewhere. Economic stagnation in these areas limits job growth despite a large working-age population.
The Bank said that with targeted policies and stronger international support, progress is possible to prevent conflict, boost growth, and create jobs.
The PUNCH