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EFFECTS OF INSECURITY ON ECONOMIC DEVELOPMENT IN NIGERIA
ABSTRACT
This paper examines the relevant issue of insecurity in Nigeria and its effect in socioeconomic development. The continuous rise in Insecurity and deterioration in the economic development in Nigeria call for a concern among researchers and policy makers over the years. However, these two hydra-headed problems still remain the greatest challenges facing nations all over the world. Since the past decade or more, Nigeria has witnessed an unprecedented security challenges occasioned by the activities of militants in the South-South region, kidnappers in the south east, violent armed robbery in almost parts of the country, political assassination, ritual killings and more recently activities of Boko Haram in some parts of the northern region especially north east. These social menaces, when put together impinge on the security of lives and property of both Nigerian citizens and foreigners living or even trying to invest in the country. To ensure economic development in Nigeria therefore, the study recommends various measures of curbing insecurity including preventive community policing, human development centered growth perspective, equitable distribution of resources as well as channeling of resources to frontline sectors of the economy among others. This has become worrisome in the face of Nigeria’s preparedness to be ranked among the twenty (20) developed countries of the world by the year 2020. These social menace triggers off a worrisome sense of insecurity that challenges Nigeria’s efforts towards national economic development and consequently its vision. It also scares the attraction of foreign investment and their contributions to economic development in Nigeria. This paper recommends effective leadership and good governance as a panacea to solving problems of insecurity, unemployment, poverty, hunger, disease, among other negative indices.
Keywords: Insecurity, Economic Development, Conflict, Unemployment, Investment.