The World Economic Forum has identified the top five risks in Nigeria that can hinder the country’s growth and development.
According to their new report, which is the 18th edition of The Global Risks Report 2023, terrorist attacks, debt crises, and the cost of living crisis are the top three challenges facing the country.
In fourth position, the report pointed to the problem of severe commodity supply crises, while in fifth position two problems were identified: rapid and sustained inflation, as well as employment and livelihood crises.
These challenges were further categorized into appropriate sectors, with the issue of terrorist attacks identified as a geopolitical risk.
Debt crises, as well as rapid and sustained inflation, were classified as economic risks, while the cost of living crisis and employment and livelihood crises were classified as social risks.
The issue of severe commodity supply crises was classified as an environmental risk.
The top five risks were identified by the Executive Opinion Survey, which had more than 12,000 respondents.
In the report’s foreword, WEF Managing Director Saadia Zahidi said: “The report is supported by our annual Global Risk Perception Survey, which brings together the leading views of more than 1,200 experts across the Forum’s diverse network. World Economic. It is based on the collective intelligence of the world’s leading risk experts, including the Global Risk Advisory Council and the Chief Risk Officer Community, as well as subject matter experts from academia, business, government, the international community and society. civil.
“The report has also greatly benefited from the experience of the World Economic Forum platforms, which work daily to drive tangible, positive long-term system change. We are deeply grateful to our long-standing partners in the development of the report: Marsh McLennan and Zurich Insurance Group. The 2023 edition of the Global Risks Report highlights the many areas where the world is at a critical inflection point. It is a call to action, to collectively prepare for the next crisis the world may face, and in doing so, forge a path towards a more stable and resilient world.”
In the area of insecurity, The PUNCH had previously reported that despite the high security budget allocation, the country was rated the second most attacked country by the Islamic State terror group globally, according to Jihad Analytics data. .
Recently, passengers waiting to board a train from Igueben Station in Igueben Local Government Area of Edo State to Warri in Delta State were kidnapped by suspected herders.
