The Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf has warned that Nigeria’s economic prosperity will remain elusive unless the nation tackles the growing wave of insecurity with urgency and seriousness.
Speaking at the Kosofe Economic and Security Dialogue, organised by the Kosofe Chamber of Commerce and Industry in Lagos, Yusuf said that insecurity was not just a social or political issue but “fundamentally an economic problem” that weakens growth and deters investment.
“Nigeria is blessed with vast human and natural resources, but terrorism, banditry, kidnapping, militancy, oil theft, and cybercrime have eroded investor confidence, crippled agriculture, disrupted oil revenues, and deepened poverty,” he said.
Highlighting several areas where insecurity is hurting the Nigerian economy, Yusuf listed investor confidence which has worsened due to frequent kidnappings and insurgent attacks, resulting many investors relocating or suspending projects in Nigeria.
In the agriculture sector, he said that farmers in parts of the North had abandoned farmlands due to bandits and terrorists attacks, thereby worsening food shortages and fueling food inflation.
In the Oil and gas sector, pipeline vandalism and oil theft in the Niger Delta have cost Nigeria billions of dollars, reducing government revenue and foreign exchange earnings, while both government and private companies are spending heavily on security, diverting funds away from productive investments thereby disrupting businesses, abandonment of farms and displacement of communities, worsening unemployment and creating a vicious cycle where poverty fuels insecurity and insecurity deepens poverty.
According to him, the situation has also worsened regional disparities, as states plagued by violence and militancy continue to lag behind in growth and investment.
Dr. Yusuf, however, suggested a multi-dimensional approach in tackling insecurity, which he said, should go beyond military responses.
He called for the strengthening and professionalizing security institutions with modern technology and training, investing in intelligence, drones, and satellite surveillance for effective monitoring, while tackling the root causes such as poverty, unemployment and inequality.
Yusuf also suggested the engagement of the communities through dialogue and partnerships with security agencies, promoting good governance, fairness, and accountability to rebuild trust in public institutions, while strengthening regional cooperation to curb cross-border crimes like terrorism and arms smuggling.
He suggested that businesses should take proactive measures to protect themselves and build resilience.
In addition, Yusuf advised companies to strengthen internal security systems with surveillance, trained personnel, and safety drills, while adopting technology-based solutions such as GPS tracking, digital monitoring, and cybersecurity among others.
“Security is a collective responsibility,” Yusuf said. “Businesses must not wait for government alone. They need to adapt, secure their operations, and work with communities to reduce risks.”
He, however, stressed that restoring investor confidence, protecting livelihoods, and rebuilding the economy would only be possible if insecurity is tackled with a mix of hard measures and social policies.
GIK/APA