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President of the Lagos Chamber of Commerce and Industry (LCCI), Dr Michael Olawale-Cole, has decried the unprecedented level of insecurity in the country, which he said has severe negative implications for investment flows and businesses.
Speaking at this year’s edition of the LCCI Security meets Business Dialogue Series held yesterday in Lagos, he said the incidents of insecurity range from activities of unknown gunmen, killing of security personnel; killer herdsmen and bandits; boko haram insurgencies, armed robbery attacks, kidnapping, political/ religious crisis, murder, destruction of oil facilities in the Niger Delta, child abduction/ trafficking; burning of places of worship and killing of clergymen and women; burning of police stations, schools, hospitals, clinics, shops, army barracks and residential houses as well as abduction of expatriates.
All these negative factors, he said, have caused the country to consistently rank outside the best countries to live in and do business by the Global Security Threat Index, a major index for global investment destinations. “In 2023, Nigeria is ranked the 10th worst country, scoring 9 out of 10, close to Burkina Faso, Syria, Somalia, Libya, Mali, Afghanistan, and Ukraine, who are all experiencing civil and military unrest. Between 2014 and 2023, the average value for Nigeria was 9.2 index points, with a minimum of 8.7 index points in 2020 and a maximum of 9.9 index points in 2015.”
He regretted that these factors affect local businesses here in the country and prevent foreign investors from coming in to invest, adding that the private sector’s cost of providing alternative security is beyond alarming. He added that despite running at a loss, many businesses have to provide security for themselves and insurance premiums for security-related risks have risen significantly.
“Also, in the telecommunication sector, there has been a significant increase in the cases of stolen/vandalised equipment. In contrast, the oil and gas sector has continued to experience more cases, particularly the vandalisation of infrastructure and increasing oil theft. Furthermore, insecurity in Nigeria has been a significant driver of inflation, food insecurity, and food supply challenges.
The event had in attendance, all the security agencies in the country including the navy, army, police, air force, paramilitary, NSCDC among others, and the chamber said it was necessary to chart the way forward with them to proffer new solutions to old and new problems to safeguard lives and businesses.
Representing the deputy commissioner of police (department of operations), Lagos State command, DCP Tijani Fatai, CP Idowu Owohunwa, spoke on how the police can make the country a haven for local and foreign investors.
Admitting that the poor security situation in the country has completely eroded investors’ confidence, he said they are doing all they can to stem the ugly trend of rising insecurity and restore confidence in the system to attract foreign investors.
He also said that in a bid to improve the ease of doing business, all impediments to the movement of goods and services, particularly, illegal tax collectors and checkpoints by police officers as well as illegal toll collection by miscreants have been cleared.
Speaking on behalf of the Air Force, Air Commodore OA Abu who represented the Chief of Air Staff, Air Marshal HB Abubakar, said they remain committed to creating an environment in which businesses can operate smoothly without fear.
Olawale-Cole urged the government to tackle the root causes of insecurity, high levels of unemployment and poverty among Nigerians, especially among the youths. He also suggested a collective and integrative security architecture involving all arms of government, adding that this arrangement should produce a strong and coordinated presence of security personnel at all levels. “We urge the government to sustain needed funding for defence operations. This is essential for the business community and should address all contemporary security challenges bedeviling our country,” he said.
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