Effect of Insecurity on the Socio-Economic Development of Nigeria

Abstract

This paper examined Effect of Insecurity on the Socio
economic Development of Nigeria. Methodology: Expost
factor research design was used in the study. Secondary
data covering 2009 to 2022 were utilized in the study. The
data were sourced variously from: World Development
Indicators (WDI, World Bank), Central Bank of Nigeria
(CBN) and National Bureau of statistics (NBS) databases
using desk survey approach. The hypotheses formulated
were tested using regression and pair wiset-test was used
to test the difference between the two time periods under
study. The study revealed that insecurity has significant
effect on gross domestic product of Nigeria, insecurity has
significant effect on per capita income of Nigeria, that
insecurity has significant influence on business activities in
Nigeria and that there is a significant variation in effect
of insecurity in two time periods; before and after 2015 on
economic growth and economic development in Nigeria.
The study recommended that, Government at all levels
(local, state and federal) must come up with policies
capable of addressing the root causes of insecurity in
Nigeria, all stakeholders in Nigeria must have the
objective of addressing the problems of unemployment,
crime reduction, corruption, poverty alleviation, judicial
transparency, among others.