This is despite the efforts of the government on securing the country and maintaining peace, the security situation is still a narrative of challenges, apprehension, anxiety, disrupted supply chains, and increasing economic cost from the impact of insecurity.
The 2021 Global Peace Index published by the Institute for Peace and Economics ranked Nigeria at 146 out of 163 countries, only better than countries like Iraq, Syria, Libya, Afghanistan, Sudan, Somalia, Yemen, and Russia, which are typically known to have been conflicting areas for a long time. The security challenges are continuing to spiral into general lawlessness and anarchy.
Speaking recently on the state of the economy in first quarter, president of Lagos Chamber of Commerce and Industry , Dr. Michael Olawale-Cole, said: “the Chamber is concerned with the current insecurity crisis because of its impact on businesses and the economy. We are also very concerned because of the apparent threat to our forthcoming general elections in 2023 and, by extension, a threat to our democracy.
He said: “Youth unemployment is a critical factor fuelling insecurity in Nigeria. The latest data from the National Bureau of Statistics show that youth unemployment is at 42.5 per cent and youth underemployment at 21 per cent. This is a driving factor for the insecurity crises in Nigeria. We need more jobs to engage our youths productively.
He added that the huge amount of N2.41 trillion earmarked for the defence and security sector in the 2022 federal government budget may have reflected government’s commitment to resolving security challenges.
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