IIARD International Institute of Academic Research and Development

Journal of Business and African Economy (JBAE )

E-ISSN 2545-5281
P-ISSN 2695-2238
VOL. 8 NO. 1 2022

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Terrorism and Insecurity in Nigeria: Economic Implications

Okore Amah Okore, PhD Anthony Odinakachukwu Nwadiubu, PhD

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Abstract

There is presently a general feeling of insecurity among the Nigerian populace. These feeling of insecurity has risen as a result of activities of the Boko Haram sect, Herdsmen Terrorist, Islamic State of West African Province (ISWAP) Terrorist, unknown gunmen, among others. This paper investigated the economic implications of terrorism and insecurity in Nigeria. The paper adopted a qualitative and quantitative approach on the economic implications of terrorism and insecurity. Trend analyses on the selected economic indicators were conducted for a period of twenty (20) years, 1999 to 2019 using charts. Findings revealed that the terrorism and insecurity situation in the country has indirectly thwarted economic growth by affecting macroeconomic variables, such as, reducing Foreign Direct Investment, increasing the rate of unemployment, increasing food insecurity, reducing GDP Per Capita, among others. The study therefore recommended that government should apply any reasonable strategy possible to return peace to the country, in other to accelerate the pace of economic development.

keywords:

Terrorism, Insecurity, Economic Implications

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