NBS reveals 2022 floods cost Nigerian economy $9bn

The National Bureau of Statistics reports that the Nigerian floods of the past year, which tragically took the lives of hundreds, resulted in a substantial $9 billion in damages.

The cost of the destruction, evaluated in conjunction with the World Bank, is estimated to be between $3.79 billion and $9.12 billion.

This report is coming on the heels of the Climate Summit Dubai, United Arab Emirates, where leaders across the world, including President Bola Tinubu of Nigeria, deliberate over the climate crisis in various continents.

In an earlier report, the UAE government announced the sum of $30 billion in investment funds to combat the climate crisis in developing nations.

According to NBS, the floods affected 33 of the country’s 36 states, hitting “64% of households and causing an unprecedented disruption and destruction.”