Economic Activities In Northeast Down By 50% – World Bank

The World Bank yesterday revealed how Boko Haram/ISWAP terrorists’ activities caused a sharp decline in the economic activities in the states of Northeastern Nigeria.

The World Bank which disclosed this at the launch of the Lake Chad regional economic memorandum, Lead Economist, said Adamawa, Borno and Yobe States, which are in the region saw economic activities decline from 10 to 14 per cent between 2009 and 2013, adding that the region has recorded 50 per cent decline in activities from 2018.

Speaking at the launch, World Bank and co-author of the report, Mr Marco Hernandez, said in northern Nigeria, there is evidence that 50 per cent or more of crop yields have been affected as a result of conflict, noting that there is a huge cost that could very well turn into a benefit because that takes into account other factors that have been going on at the time, including, for instance, issues related to climate.

Furthermore, for the region to grow, the bank called for enhanced trade, improved infrastructure to move people goods and services, improved governance and management of natural resources.

On his part, the country director for Nigeria, World Bank, Mr Shubham Chaudhuri advised Nigeria to urgently tackle insecurity to enhance growth, especially in the northeast.

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