Borno suffers ₦27bn economic blow from 9-day flood disaster

Maiduguri, the capital of Borno State, has been severely impacted by a nine-day flood that caused an estimated loss of ₦27 billion.

The flood submerged over 70% of the city, disrupting the daily bustling trade that generates over ₦3 billion.

The president of the Borno Chamber of Commerce, Industries, Mines, and Agriculture (BOCCIMA), Alhaji Ahmed Ashemi, highlighted Maiduguri's strategic importance, describing it as a major trading hub second only to Lagos.

"Maiduguri is an essential trading station, with ₦3 billion in transactions daily," Ashemi said, lamenting the economic toll of the flood.

The Monday market alone generates ₦1.5 billion each day, making the damage even more pronounced.

In response to the disaster, donations and pledges have poured in from various quarters, totalling ₦21 billion as of Wednesday.

Corporate organisations, state governments, and individuals have made significant contributions, including ₦3 billion from the North East Development Commission and ₦2 billion from business magnate Aliko Dangote.

Governor Babagana Zulum's Senior Special Assistant on Social Media, Abdulrahman Bundi, confirmed the receipt of some donations but noted that many pledges were yet to be redeemed.

"Details of the redeemed pledges and material support will be announced in due course," Bundi stated.

Prominent figures and institutions have stepped forward, including donations from state governments such as Bauchi (₦250m) and Kebbi (₦200m) and individuals like Atiku Abubakar (₦100m) and Peter Obi (₦50m).

The flood continues challenging Borno's recovery efforts as the state awaits further support.