Insecurity and its Implications on Economic Development in Nigeria

Lakunle Oluwaseun Ibrahim and Abdallah Dauda
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Lakunle Oluwaseun Ibrahim: Department of Sociology, Faculty of Social Sciences, University of Abuja
Abdallah Dauda: Center for Sustainable Development, University of Abuja

International Journal of Research and Innovation in Social Science, 2024, vol. 8, issue 7, 1563-1570

Abstract: Over the course of the last ten or more years, Nigeria has experienced unparalleled security challenges brought by the actions of militants, kidnappers, violent armed robberies in nearly every part of the nation, political assassinations, ritual killings, and, more recently, Boko Haram activities in some northern regions, particularly in the northeast. When combined, these societal threats threaten the safety of the lives and belongings of foreigners residing in Nigeria or even attempting to make investments there, as well as Nigerian natives. This has grown concerns in light of Nigeria’s readiness to be listed among the world’s twenty (20) developed nations. These social threats cast a shadow of doubt on Nigeria’s efforts to achieve its economic vision and, as a result, national economic development. Additionally, it deters foreign investment and its potential to advance Nigeria’s economy. This paper investigates how Nigeria’s economic development is impacted by insecurity. It has an impact on the economy in addition to the general public. The investigation demonstrated how, among other things, insecurity reduces government revenue, discourages investment, and raises unemployment when it comes to economic growth. Government capital spending on internal security increased dramatically but cannot match the hydra-headed challenge. This paper suggests that the best ways to address issues with security is to solve the problem of unemployment, poverty, and instability through excellent government and effective leadership. The study examined its impact on a few economic metrics using data from secondary.

Date: 2024
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