Economic Crisis and the Challenges of Insecurity in Nigeria

Abstract

This paper examines economic crises and the challenges of insecurity in Nigeria. Basically, the economic crisis has intensified the challenges of insecurity to the extent of redefining the nature and composition of socio-economic and political behavior of Nigerians. It tries to find out the level at which internal security problems have affected the Nigerian economy. The study adopts neoliberal economic theory as a framework of analysis. Based on this, the paper argues that the introduction of neoliberal economic policy is the genesis of Nigeria’s economic crisis and emergence of the country’s economic difficulties. In order to analyze the basic internal issues facing the country’s economy and insecurity, secondary data were used in the study due to the nature of the study. Findings of the study reveal how the problem of security and economic challenges of the country were caused by the absence of good governance. The study also argued that the inability of Nigerian government to look into issues of inequality in terms of distribution of resources across the country ultimately resulted in anger, agitation and violence that culminated into groups withdrawal of their loyalty to the Nigerian State under the umbrella of religious militants (e.g. Boko Haram) and regional warlord such as Militant of Niger-Delta (MEND). The paper therefore, recommends for the formation of inclusive government where every Nigerian would be involved in the decision making process of the country including religious groups as yardstick for economic stability and security of the country.