THE EFFECT OF SECURITY CHALLENGES ON THE NIGERIA ECONOMY PROBLEM AND PROSPECT

THE EFFECT OF SECURITY CHALLENGES ON THE NIGERIA ECONOMY PROBLEM AND PROSPECT: Since the return of Nigeria to civil rule in 1999, security challenges have posed a serious threat to smooth governance reaching new height in 2013. Security is a state of being or existence that is free from danger, fear, threat anxiety and uncertainty. Security transcends every facet of human endeavor. By implication security embraces the establishment of proactive and defensive measures to safe guard all persons, materials and information from every form of danger. Nigeria security exists in two domain and these are the internal and external. The security of a country can be affected from within a considerable number of political, economic and social economy, intra and inter ethnic animosities, the issues of resource allocation, management of all act on the equilibrium of the nation economy. The security challenges to the Nigeria from 2007 – 2013 have crippled the economy, loss of businesses, loss of business profit, lives and properties worth billions of Naira. From 1990 – 2007 at the peak of militancy in Niger Delta, crude oil production which is the mainstay of the country went as low as 700,000 barons per dollar (bpd) against over 2 million bpd. These adversely affected Nigeria economies as the revenue accruable from oil dwindle.
The Jos crisis (in the north central) which started in 2001 – 2013 has also adversely affected the state economy. The revenue which is largely accrued from the taxes of individual business has witness the mass relocation of majority of the residence/people to another state which is more peaceful.