AN EXPLORATORY STUDY ON THE IMPACTS OF INSECURITY ON THE ECONOMIC DEVELOPMENT OF NIGERIA (A CASE STUDY BORNO STATE)

Abstract: Since the resurgence of the Boko Haram insurgents in 2009 in Nigeria, Boko Haram has been a formidable and persistent threat to Nigeria to contend. The country has suffered mass killings, displacement of people, kidnapping,abduction, and various attacks on Nigerians. The country's Northern region has received a significant blow due to constant attacks by the insurgency, adversely affecting the region's economic development, especially Borno State, which is the most affected. This occurrence has caused many state indigenes to relocate to other peaceful places, and investors have feared investing in the state. This occurrence has deprived the government of the revenues expected to boost the economy and advance the cause of the state. As a result, I will explore the impacts of insecurity on the economic activities of Nigeria, using Borno State as a case study. The study population was drawn from 10 out of the 27 local governments in the state using 100 participants across the boards. The study made use of a survey method, adopting the quantitative approach to analyze the data collected. Findings from the study suggest that Nigeria is losing a significant amount of resources because of instability in the Northeast and that Boko Harams designation as a terrorist group threatens foreign investment. Therefore it was recommended that the Nigerian government invest in the education, agriculture, and economic sectors to boost the infrastructure development in the Northeast. These will help in promoting economic and poverty reduction in the state.