Political strategies

Nigeria: banditry, implications for the societal economy and prevention strategies

introduction

In recent times, banditry has become a harsh reality in today’s Nigerian society. It has come in different forms, manifesting itself in insurrection, kidnappings, suicide bombings, suicide bombings, corruption, armed robbery, etc. Several attempts have been made to reduce the effects of this threat in Nigerian society (Luechinger, 2019).

The Nigerian government has successively tried to use counter-insurgency force as a deterrent policy, with the imposition of severe sanctions, to curb actual attempts and put in place appropriate measures to reduce threats of banditry in the country.

Despite all this, the level of insecurity in the country is still high, which has resulted in Nigeria consistently ranking at the bottom of the Global Peace Index (GPI, 2021). This means a worsening of the state of insecurity in the country in recent times.

As a result, Nigeria’s economic rating, which is primarily growth oriented, has been largely affected, having seen an increase in spending on military equipment as well as the purchase of equipment for other security and training teams, in order to make them more effective in dealing with insurgency phenomena and ensuring the sustainability of national economic growth.

Interestingly, Nigeria is considered an emerging power, whose annual growth rates have averaged over 7% per year, making the Nigerian economy one of the fastest growing economies in the world (www.gallaup. com).

The National Bureau of Statistics (NBS) recently released the report on Nigeria’s capital imports for the second and third quarters of 2021. According to the report, the country received a sum of $875.62 million from foreign inflows in the second quarter of 2021, which represents a year on year decline.

A cursory look at data from the NBS and supplemented with historical data from the CBN and Nairametrics Research, reveals that an important element of the capital import report, foreign direct investment (FDI) has fallen to its most low level in more than 11 years.

Specifically, FDI fell to $77.97 million in the second quarter of 2021, indicating a decline of 49.6% and 47.5% from the $154.76 million and $148.59 million recorded in previous quarter and in the second quarter of 2020 respectively. The last time Nigeria recorded a decline in FDI was in the first quarter of 2010, when it managed to attract foreign direct investment worth $73.93 million.

According to the Organization for Economic Co-operation and Development (OECD), FDI is an integral part of an open and efficient international economic system and is a major catalyst for a country’s development. However, Nigeria has failed to attract foreign investment in the form of FDI into its local businesses in recent times, which is a cause for concern, especially for a country that desperately needs a boost. economical inch.

Most economies target an increase in FDI because of its importance in economic growth. Foreign direct investment stimulates job creation in the host country, as investors create new businesses in the country, leading to increased incomes, increased purchasing power and an overall revival of the economy. economy.

However, the current state of the Nigerian economy, wracked by various structural, fiscal, monetary and socio-economic problems, has further dampened investor sentiment towards investing in the economy.

According to a report by fDi Intelligence, a specialist division of the Financial Times, Nigeria has the highest number of tech startups, with most operating in the fintech sector; however, the country failed in other areas.

The report pointed out that although the metropolis of Lagos is renowned for its start-up ecosystem, there is a significant gap between the city’s tech ecosystem, its surroundings and the country as a whole, which suffers from a poor infrastructure. and chronically poor education, recurring political instability and security issues. Moronfolu is a seasoned security consultant with many years of security and policing experience. FELLOW, Fourth Estate Professional Society (FFPS), he has also participated in peacekeeping operations inside and outside the country and has a flair for general security education.