February 14, 2024/CSL Research
Reports indicate that the Nigerian Senate has convened a closed-door meeting with top security officials and the Minister of Finance to address the escalating state of insecurity in the nation. The Senate President emphasized the urgency of the meeting in light of the deteriorating security situation, which now extends to the Federal Capital Territory (FCT), a region that was previously considered secure.
The security challenges in Nigeria have been steadily worsening over recent years, with incidents such as banditry, attacks by herders, kidnappings, insurgency, terrorism, and various social crimes spreading across the entire country.
News of attacks on some villages in Plateau state during the Christmas festivities and kidnappings in Abuja launched us into 2024, suggesting the high level of insecurity in the country will remain a theme in 2024 and continue to have severe negative implications for investment flows and food supply.
Incidences of insecurity range from the activities of unknown gunmen, banditry, armed robbery, kidnapping, and child abduction/human trafficking. Kidnapping for ransom has become a major occurrence in Nigeria, where armed gangs, often referred to locally as bandits, have targeted villages, schools, and travellers, demanding millions of naira in ransom. Despite the efforts of the country’s security forces, they have failed to contain this threat.
The Northern region remains the most affected. Bandits have continued to launch attacks unabated in the northern region. Terrorists’ groups such as ISWAP and Boko Haram have also continued to launch attacks unabated in the north. Scores of fighters from ISWAP were reported to have stormed the remote farming and herding village of Kayayya in Yobe in November 2023, killing an estimated 17 people. Since 2011, recurring violence between pastoralist and agricultural communities has escalated in central and north-west Nigeria.
The rising state of insecurity in the North has continued to affect the economic growth of the region and has been weighing significantly on local food production as many farmers are reluctant to go to their farms for fear of being killed or kidnapped.
Over the years, the persistent insecurity situation has adversely impacted food production, thereby impeding the growth of the agricultural sector in Nigeria. While various challenges have hindered productivity in agriculture, none have proven as severe as the prevailing insecurity. Incidents of attacks on farms by herdsmen persist, even in the southern region, where farmers lament ongoing assaults on their agricultural lands. Tragically, farmers attempting to prevent the destruction of their crops have fallen victim to violence, with some losing their lives in the process.
The prevailing atmosphere of fear has further deterred many farmers from cultivating their lands, resulting in a substantial decline in overall food production. Beyond the immediate agricultural consequences, the broader ramifications of the insecurity situation extend to the investment climate of the country.
The security situation has negatively impacted investment flows into the country, hindering the country’s potential for growth and development. Addressing the root causes of insecurity is crucial not only for the safety and well-being of farmers but also for attracting much-needed investments to drive sustainable development.
