Worsening insecurity in the country has passed threats and now tearing down the Nigerian economy to the point that is so alarming.
In February 2022, the International Monetary Fund – IMF had warned that worsening violence and insecurity could derail Nigeria’s recovery from the impending economic recessions. And today, the insecurity in the country has heightened to the point where no one is spared irrespective of rank and file.
The IMF stated this in a report on its 2021 Article IV Consultation with Nigeria and then called on the Federal Government to effect some improvements and be transparent in the fight against insurgency and insecurity at large.
Among other things, the IMF reiterated and said: “A worsening of violence and insecurity could also derail the recovery. On the upside, the non-oil sector could be stronger, benefitting from its recent growth momentum, supportive credit policies, and higher production from the new Dangote refinery.”
Consequently, both local and remaining foreign investors have started to desert the country in droves.
The Spanish Businessmen who invested $54million to establish a tomato factory in Kebbi had to run for their lives because of Bandits.
This development is most unfortunate and a serious setback to Nigeria. It is painful that this is happening at a time when Nigerians are grappling with job losses, poverty and mass unemployment.
