IMPACT OF POVERTY AND INSECURITY ON NIGERIAN ECONOMY

A CASE OF OYO CENTRAL SENATORIAL DISTRICT

Abstract

The paper examined the impact of Poverty and insecurity on Nigerian economy. The study employed random sampling method where five hundred and thirty (530) respondents were selected for the study. The instrument used for data collection was questionnaire titled poverty and insecurity rating scale (PIRS) adapted by the researchers with Cronbach Alpha coefficient r=0.91. The data were analyzed using ANCOVA. The paper found that upsurge in insecurity inform of Boko Haram insurgence, Banditry, Kidnapping for ransom, incessant herdsmen/farmers clashes as well as abject poverty salvaging the citizens have devastating consequences on economic life of the entire citizenry. This atmosphere of insecurity and poverty impede the attainment of sustainable economic growth. In order to create an enabling environment for improvement on the economy, the paper suggests among others, that the Nigerian state should put in place a good governance, workable anti-terrorism measures and build strong legitimate institutions that can adequately curb the menace of corruption and poverty and at the same time respond proactively to the challenge of terrorism in Nigeria.