Modelling The Relationship Between Insecurity and Economic Growth

Abstract:

This paper examines the relevant issue of insecurity in Nigeria and its implication for socio- economic development, with the available data on the level and magnitude of insecurity in Nigeria exposes an increase over time, which constitutes serious threat to lives and properties, obstructs commercial activities and discourages local and foreign investors, all which suppresses Nigeria’s socio-economic growth. This rising wave of insecurity has not subsided but has assumed an unsafe facet which is threatening the communal existence of the country as one geographical entity. The overall view of the paper written, it is recommended that government should restructure and decentralize security architecture, increase capital expenditure on security and provide the enabling environment for people to work especially in the area of security of lives and property. The real solution lies in government accelerating the pace of economic growth by creating an economy with a relevant social, economic and physical infrastructure to support business and industrial growth. This research work investigated restructuring national security for economic growth in Nigeria for the period 1999 to 2020, In a bid to actualize the main objective of this study, a good number of literature materials were reviewed and data were collected from secondary sources such as the various editions of CBN Statistical Bulletin and Annual Abstract Statistics. The data were analyzed using Multiple Linear Regression (MLR). The selected variables are (i.e. Gross Domestic product, terrorism risk index, discomfort index, Life expectancy at birth and unemployment rate).