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Economy takes a beating as insecurity worsens

Despite repeated assurances from President Muhammadu Buhari and the security chiefs, many Nigerians are at the mercy of bandits, terrorists and other criminals who are ravaging many parts of the country.

Apart from the destruction of lives and property, the Nigerian economy continues to suffer as rising insecurity dents investors’ appetite to invest in the country.

Terrorism and other forms of insecurity have persisted for more than a decade unabated, despite the billions of naira spent on security annually. Available reports show that Nigeria has one of the highest security spending in Africa, but for many years, that has not translated into improved security.

A 2019 report by the United Nations Development Programme, titled ‘Measuring the Economic Impact of Violent Extremism in Africa’, revealed the impact of terrorism in African countries, with Nigeria leading in terms of fatalities and economic loss.

According to…

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