Extreme poverty rising fast in Nigeria, conflict-hit economies – World Bank

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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. Punch