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Full Project – A CRITICAL ANALYSIS OF THE MENACE OF INSECURITY AND ITS IMPLICATION ON ECONOMIC GROWTH IN NIGERIA

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CHAPTER ONE

INTRODUCTION

1.1 Background of the study

Concerns about security are taken seriously all throughout the world. It is recognized as one of a state’s most fundamental responsibilities. Security has historically been an element of human survival and sustenance, and may be defined as freedom from threats or violence that could result in the loss of lives or property. That is, security refers to a scenario in which citizens are protected from dangers to their lives and livelihoods, including bodily damage, illnesses, unemployment, and human rights abuses, regardless of where they are in a sovereign nation. A country will not be able to prosper until it first strives for human security (Ito, 2013). This is because human resources are critical to every country’s growth and development, yet people cannot be productive if they are living in terror. As a result, human security is the foremost obligation of each nation and its respective port of entry. Insecurity, according to Achumba, Ighomereho, and Akpor-Robaro (2013), is simply the polar opposite of security, which has an impact on human life and existence. It refers to a state of being subjected to fear, threat, danger, molestation, intimidation, harassment, and other forms of abuse in any form.

Insecurity, according to Achumba et al. (2013), is the lack of protection or safety. Insecurity, according to these experts, comprises danger, deathtraps, uncertainty, a lack of fortification, and a lack of security. They also address the issue of insecurity from the following two key viewpoints: To begin with, insecurity is the state of being exposed to risk or the prospect of harm. In this circumstance, the likelihood of suffering harm as a result of insufficient safeguards against risk is quite high. Second, insecurity is a feeling of danger or fear. The exposure might be the result of the government’s or a group’s inaction in the face of insecurity, for example. This frequently happens when law enforcement officers are undertrained, underpaid, and unmotivated. It might also happen if people’s fundamental necessities aren’t being met.

In a critical assessment of Nigeria’s security issues, Omoyibo and Akpomera (2012) asserted that security in Nigeria is analogous to a person who installs iron bars across his or her windows, preventing the person from escaping a fire breakout. This is because there isn’t a day that goes by without a report of some sort of security threat. Ordinary persons, as well as the nation’s economic resources, are unfortunate victims of this indiscriminate damage. The sequence of bombings and killings in the north; abduction and armed robbery attacks in the south; political and economic assassinations; and politically inspired communal warfare have all formed a multi-headed monster that Nigerian security officials look unable to handle.

1.2 Statement of the problem

Insecurity has grown into a hydra-headed monster that Nigerian security officials are unable of dealing with in terms of its many expressions, including bombings, kidnapping/hostage taking, property destruction, and instilling terror, to name a few. It is common knowledge that insecurity is harmful to people’s overall well-being, resulting in sicknesses, reduced life expectancy, poor quality of life, and even death. In terms of the economic, El-Rufai, (2012) asserts that instability pioneered by insecurity has resulted in the damage of enterprises, assets, and equipment, as well as the relocation and closure of companies. In terms of the economic impact of insecurity, the productive side of most industrial businesses is heavily reliant on the availability and consistency of raw materials for production.

Insecurity has cut off the supply of such raw materials, according to Achumba, Ighomereho, and AkporRobaro (2013), endangering industry activities. In addition, insecurity has an impact on completed product marketing since there is a constant migration from insecure locations. There has also been an increase in security costs, since most businesses operating in Nigeria invest heavily on private security. The destruction of their company structure, buildings, and equipment equates to a loss of capital, which has wrecked a number of Nigerian firms. Furthermore, the current insecurity environment would convey a message to international investors about the unfavorable conditions of doing business in Nigeria, discouraging them from contributing to economic progress. Thus, security is critical for the nation’s economic development and its absence of security means that economic growth and development cannot be achieved. It is upon this premise that this study seek to present a critical analysis of the menace of Insecurity and its implication on Economic Growth in Nigeria.

1.3 Objective of the study

The broad objective of this study is to analyze the menace of Insecurity and its implication on Economic Growth in Nigeria. Specifically, the study will:

1. Examine the causes factors triggering the rise in insecurity level in Nigeria.

2. Investigate the extent at which insecurity affect business activities in Nigeria.

3. Determine if insecurity would have a significant effect on economic development.

1.2 Research Hypothesis

HO1: The extent at which insecurity affect business activities in low.

HO2: Insecurity in Nigeria has not significant implication on economic development.

1.5 Significance of the study

In Nigeria, insecurity has been a big problem. Studies have shown that insecurity is a global threat, but some areas have managed this problem and achieve development. Therefore, this study will help identify the effect of insecurity on economic development. The result of the study would provide government, policy makers with information and framework on how to make informed decisions that will improve security of the masses. The study will enlighten security operatives on the need to develop counter-bandits strategy to enable them curb the insecurity in the North and other regions of Nigeria. Finally, the study would contribute empirically to the body of existing literature and it would serve as a reference source to students or other researchers who might want to carry out their research on the similar topic.

1.6 Scope of the study

The scope of this study borders on A critical analysis of the menace of Insecurity and its implication on Economic Growth in Nigeria. The study will examine the causes factors triggering the rise in insecurity level in Nigeria. The study will Investigate the extent at which insecurity affect business activities in Nigeria and determine if insecurity would have a significant effect on economic development. The study is however delimited selected local governments in Anambra State.

1.7 Limitation of the study

Like in every human endeavour, the researchers encountered slight constraints while carrying out the study. The significant constraint was the scanty literature on the subject owing to the nature of the discourse thus the researcher incurred more financial expenses and much time was required in sourcing for the relevant materials, literature, or information and in the process of data collection, which is why the researcher resorted to a limited choice of sample size. Additionally, the researcher will simultaneously engage in this study with other academic work. More so, the choice of the sample size was limited as few respondent were selected to answer the research instrument hence cannot be generalize to other sector of the economy. However, despite the constraint encountered during the research, all factors were downplayed in other to give the best and make the research successful.

1.8 Definition of terms

Insecurity: Insecurity is the state of being prone or vulnerable to danger or threat of danger

Economy: An economy is an area of the production, distribution and trade, as well as consumption of goods and services by different agents. In general, it is defined ‘as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of resources.

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Click here to Get The Complete Research Project Chapter 1-5

Full Project – A CRITICAL ANALYSIS OF THE MENACE OF INSECURITY AND ITS IMPLICATION ON ECONOMIC GROWTH IN NIGERIA

Full Project – A CRITICAL ANALYSIS OF THE MENACE OF INSECURITY AND ITS IMPLICATION ON ECONOMIC GROWTH IN NIGERIA

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