Insecurity Costs Nigeria Up to $150 Billion Economically

Insecurity is now one of Nigeria's most significant economic costs, particularly in regions like Maiduguri, Borno. The ongoing conflict, including insurgency and banditry, has led to a cumulative economic loss estimated by UNICEF at around $100 billion, with projections suggesting this could rise to $150 billion over the next decade.

The impact of insecurity is profound, as it disrupts normal economic activities, forcing families to sell assets, increasing transportation costs, and leading to reduced agricultural output. Schools are closing early, and farmers are unable to access their lands due to safety concerns.

The World Bank's recovery work in North East Nigeria highlights the deep effects of violent activities since 2009, which have affected the lives of approximately 15 million people. The economic implications of insecurity extend beyond immediate violence, as they create a climate of fear that stifles investment and economic growth.