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The Lagos Chamber of Commerce and Industry (LCCI) has raised the alarm that Nigeria faces a growing wave of security challenges with far-reaching consequences for businesses, investors, and the broader economy.
Similarly, the Chamber pointed out that the growing insecurity had manifested into many entrepreneurs relocating and diverting investments to more stable African regions.
Stating this in his opening remarks at the 2024 LCCI Security Meets Business Dialogue series in Lagos recently, the President and Chairman of Council, LCCI, Mr. Gabriel Idahosa, said that the state of security in Nigeria had become a grave concern to all interested parties.
According to him, the relationship between security and business cannot be overstated. A secure environment is the bedrock upon which investments are made, jobs are created, and economic growth is achieved.
“Sadly, we have witnessed a surge in insecurity that threatens the foundation of Nigeria’s economic landscape. “Nigeria’s security situation has continued to worsen in the last few years.
“The challenge is multifaceted, including terrorism in the North East, banditry in the North West, kidnapping across the country, armed robbery, cultrelated violence, and ethnic conflicts. “As a result, businesses now operate in a heightened state of anxiety.
Our airports, highways, farms, factories, and even our urban centers are no longer immune to security risks. “According to recent data from the Global Terrorism Index and Nigeria Security Tracker, over 10,000 Nigerians lost their lives to violence and insecurity in 2023 alone.”
Idahosa added: “Reports from the Nigerian Economic Summit Group (NESG) reveal that the business community suffers an estimated 20 per cent loss in productivity annually due to these security issues.
“Many entrepreneurs are relocating, diverting investments to more stable African regions.” “In Lagos State, though often considered relatively safer than other parts of the country, the security situation has become more precarious.
There are peculiar security challenges that come with a metropolitan city like Lagos. “With huge migration into Lagos daily, the state government must be proactive in monitoring the rising population with prompt profiling, deploying modern technology in tracking and fighting criminal activities, and using mass media to educate citizens on how to be security-conscious and how to detect security risks in their neighborhood.
Perhaps this is the reasoning behind the clamor for a state police structure in Nigeria,” he added. Speaking further, the LCCI president noted that in other parts of the country where food production occurs more, poor harvests have been recorded due to decreased farming activities and insecurity in those areas.
“Other challenges include insecurity on our roads and rail tracks, inhibiting and disrupting the supply chain and logistics required to move goods from farms to markets.
“Yet another dimension to the security profile of Nigeria is the rising cases of cybercrime and how this is being driven by youth who could have been gainfully engaged in thriving jobs and businesses.
“The security situation at our border posts is not comforting enough as these borders have remained porous, through which light arms filter into our territories unchecked. “This has remained a security lapse for long.
“The business connection is that smuggled goods come in cheap without payment of duties to compete with goods produced locally or those imported through the right channels with full duties paid,” he added.
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