The security crisis in Nigeria has crippled many investments and will exacerbate poverty in the country, the Lagos Chamber of Commerce and Industry said on Wednesday.

The LCCI, which expressed serious concerns about the worsening security situation, said, “It is a sad commentary that kidnapping, herders-farmers conflict, ethno-religious violence, vandalism, armed robbery, banditry, arson, and insurgency have become routine occurrences in Nigeria.”

Its President, Mrs Toki Mabogunje, said in a statement that the impact of the security crisis on the Nigerian economy remained profound and multi-dimensional.

“The crisis has crippled many private and public investments across the nation. Several businesses and investors in affected areas are currently counting their losses. Many households have lost their means of livelihoods, while some have been displaced,” she said.

She noted that many farmlands across the country, especially in the North and Middle Belt, had been destroyed in the process, and this had continued to disrupt agricultural activities in these areas.

Mabogunje said, “These have severe implications for food production and food distribution from farms to markets. We recognise insecurity as a major driver of the persistent increase in food inflation in recent years.

“The worsening security situation will trigger further inflationary pressure on food prices, thus exacerbating the poverty condition in the country.


“This alarming state of insecurity in the country has hampered the movement of goods, services, and persons across the country, with implications for agriculture, agro-allied services, trade and commerce especially in affected areas.”


She said transportation and logistics sector, hospitality and allied investments, education, construction, and real estate had been severely impacted by the crisis.

“The crisis projects the Nigerian economy as an unsafe investment destination, and if unaddressed, would thwart government’s efforts in encouraging private investment inflows into the economy at a time the economy is in dire need of massive investments to bolster growth recovery, create jobs and alleviaate poverty,” she said.

The chamber noted that investors’ confidence had been weak before the COVID-19 outbreak, saying, “Many investors still see the Nigerian market as a risky venture despite the oil price recovery, vaccination dissemination and growth recovery.”

“We believe confidence will remain weak in the short-term if the situation does not abate,” Mabogunje said.

According to the LCCI, the worsening security situation also impacts the fiscal position of government by making policymakers incur unplanned security-related expenditure at the detriment of infrastructural development.

https://punchng.com/many-investments-crippled-poverty-will-worsen-says-lcci/

No wahala..

Those who have vowed to make their region insecure should continue and keep the madness to their region.

You do not need to tell a blind man is raining...

ok

Abeg our Minister of Terrorism sorry of Communication....


You tell us say na because of NiN dem want make u resign or dem wan get u fired....

And you tell us say with NiN Nigeria will be safe again....

Me jus wan ask one question abeg when

Na wen NiN go start work cos we don link our sim already

Well.. Abaya is trending in the North.. #securenorth should be trending severely while the northern populace take charge of their homes..


What impact does a displaced community make, that is why you have to give it to the SW and SE whom have seen that your community is your only home.. protect it.

helinues:
No wahala..

Those who have vowed to make their region insecure should continue and keep the madness to their region.

You do not need to tell a blind man is raining...

All this wahala on top 30k a month.

Nkita ofia

[color=#000099][/color]Will any good news comes out of this country now

Buharis incompetence

Nawa Nigeria there was once upon a country called Nigeria

helinues:
No wahala..

Those who have vowed to make their region insecure should continue and keep the madness to their region.

You do not need to tell a blind man is raining...

You are a huge part of the problem , you provide moral support for the insecurity

To travel by road from one senatorial district to another within your own state is now a miracle


We use to talk about bad roads before, but now we no even see the bad road follow again because of Fulani terrorists hiding in the bushes

helinues:


Those who have vowed to make their region insecure should continue and keep the madness to their region

So Buhari should keep the madness in the north ko?

Whatever what's to happen should happen...
Since ,

BUHARI DEY USE US CATCH CRUISE!!!

FarahAideed:


So Buhari should keep the madness in the north ko?

With his antecedent, Yes

No longer my headache, same as SE..Yes SE

Bihari and the core north is the insecurity Nigeria is suffering.Sai baba

What has not collapsed in Nigeria, Lalasticlala?

700hundred:
[s][/s]

Mynd44
Lalasticlacla
Seun
Dominique
Oamj4

Rule 1

stuuupid analysis from a paid sophisticated educated illiterate...

Nigeria is doing better under this govt, life and property is doing better.


sai baba 2023- 2031