The World Bank reported that escalating global conflicts are fueling a surge in extreme poverty, with 700 million people living below $2.15 daily in 2024, a 10% increase from 2020. The report, released on June 25, highlighted conflicts in Ukraine, Sudan, and the Middle East, which displaced 50 million and disrupted $500 billion in economic activity.
In Africa, conflicts in Nigeria’s North-East and South Sudan pushed 20 million into poverty, with Nigeria’s 1,500 insurgency-related deaths in 2024 exacerbating food insecurity for 10 million. The Bank noted that conflict zones, hosting 40% of the world’s poor, face a $200 billion reconstruction cost. Climate change, worsening 30% of conflicts, further strains resources, with Africa losing 5% of GDP annually to droughts.
The World Bank proposed a $50 billion fund for conflict-affected regions, aiming to reduce poverty by 15% by 2030. Nigeria, receiving $2 billion in aid, plans to expand social safety nets for 5 million households. Critics argue the Bank’s structural adjustment policies worsen inequality, with 60% of Africans lacking access to basic services. A 2026 global summit will address funding gaps.