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ECONOMIC GROWTH AMIDST INSECURITY: THE NIGERIA EXPERIENCE
Abstract
The study focused on economic growth amidst insecurity in Nigeria. Efforts were made to explain the impact of security on Economic growth, Time series data were collected from 1981 to 2014 on Real Gross Domestic Product, Total Expenditure on security, Gross Fixed Capital Formation, Total Labour Force, corruption perception index and poverty index to show the relationship empirically with the use of multiple regressions [OLS] method. It was found out that 90% systematic variation in Real GDP is caused by variation in total labour force, total expenditure on security, corruption perception index, poverty index, unemployment rate, inflation rate and gross fixed capital formation. The study showed that security and other related variables do not only contribute positively to economic growth in Nigeria, but its impact on economic growth is strong and statistically significant. Also Nigeria potential GDP growth rate is 11% why the actual growth rate is 6%, which implies that Nigeria economy if efficient due the level of insecurity, corruption, unemployment, and poverty. Therefore based on the findings we conclude that the structure and trend of allocation to security is still inadequate to face the challenges of boko haram. Security funding and also reduction in unemployment rate has to treated as matter of urgency in Nigeria i.e. increase in security funding will lead to increase in economic growth. The study therefore recommends. Government should as a matter of priority implement the policy of EFCC in order to reduce the level of corruption in the country. The donor agencies like the World Bank, UNDP, UNESCO, etc. should also be encouraged to inject funds into the security sector.
Keywords: Insecurity, Economic growth, Inequality, Poverty