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Impact of Insecurity on Sustainable Economic Growth of Nigeria, 1990- 2021

Impact of Insecurity on Sustainable Economic Growth of Nigeria, 1990- 2021

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  • November 7, 2022
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Research Purpose: The study investigated the impact of insecurity on sustainable economic growth of Nigeria, 1990-2021. Proxies for insecurity which serve as independent variables are corruption perception index, terrorism risk index, unemployment rate and kidnapping rate while the proxy for economic growth which serves as the dependent variable is Real Gross Domestic Product.

Design/ Methodology/Approach: This study adopted the ex-post-factor research design. Bound test of Auto Regressive Distributed Lag (ARDL) model was used for econometric estimation.

Findings: Result indicated that corruption perception index positively and significantly affected real Gross Domestic Product in Nigeria within the period of the study. Terrorism risk index negatively and non-significantly affected real Gross domestic product in Nigeria within the period of the study, there is a unidirectional causality running from unemployment rate and real gross domestic product in Nigeria within the period of the study. Kidnapping rate has negative and no significant impact on real gross domestic product of Nigeria

Implication: Nigerian nation needs foreign intervention since terrorists have taken over forests across the nation. Nigeria must as a matter of urgency should develop visionary leadership: That is to say, the mantle of Leadership should be limited to leaders who can convey to their people the idea of a common citizenship as an ultimate factor among all Nigerians, regardless of tribe, gender, religion, economic and social status that focuses on facts and actions that will convincingly and positively affect all citizens of our nation. Nigerian government should ensure that justice and equity a cognate principle in all facets of national life must be enthroned. Government should immediately address the root causes of insecurity such as unemployment, terrorism, corruption and kidnapping through good governance. The leadership of Nigeria has compromised security of life and property.

Originality/ Value added: Nigerian government is encouraged to develop the political will and holistic measures to solve the problems of insecurity now they have known the root causes. The solutions must be such that should be long lasting and all-encompassing to avoid a recurrence

Keywords: Corruption Perception Index; Kidnapping Rate; Terrorism Risk Index

Authorship: Onyia, C. C. and Agu, B. O. | FULL PDF