The World Bank has issued a stark warning: extreme poverty is rapidly escalating in Nigeria and 38 other countries grappling with conflict and instability.

In a recent statement titled “Extreme Poverty is Rising Fast in Economies Hit by Conflict, Instability,” the Bank revealed that hunger is worsening, and development goals are slipping further out of reach for these fragile states.

Nigeria, plagued by insecurity from insurgency in the Northeast and rampant banditry in the Northwest, is among countries classified as being in Fragile and Conflict-Affected Situations (FCS)—a list that includes Afghanistan, Sudan, Syria, Yemen, Haiti, and the Democratic Republic of Congo.

Key Insights from the Report:

Declining Economies: Since 2020, fragile states have seen an average annual GDP drop of 1.8%, while other developing nations grew by 2.9%.

Soaring Poverty: Over 421 million people in these countries now survive on less than $3 a day. This figure may hit 435 million by 2030, making up nearly 60% of the world’s extreme poor.

Youth Unemployment Crisis: Of the 270 million working-age people in these economies in 2022, only about half had jobs—highlighting a growing disconnect between population growth and job creation.

Africa at the Epicenter

Despite global attention being fixated on Ukraine and the Middle East, over 70% of those impacted by conflict and instability are in Africa. The World Bank warns that without urgent intervention, these crises may become chronic, with many countries trapped in fragility for 15 years or more.

“Misery on this scale is inevitably contagious,” said Indermit Gill, Chief Economist, World Bank Group.

Still, the report offers hope. With targeted policies, stronger governance, and global support, countries facing instability can rebound.“Jumpstarting growth won’t be easy—but it’s possible,” affirmed M. Ayhan Kose, Deputy Chief Economist, World Bank.

By Erewunmi Peace.