Background of the study
Nigeria has recently seen unprecedented levels of insecurity. This has posed a danger to national security, prompting the government to devote a significant portion of the national budget to security (Achumba and Akpor 2013). The Federal Republic of Nigeria’s 1999 Constitution specifies explicitly that “the fundamental objective of government will be the security and wellbeing of the people.” Unfortunately, the government has failed to ensure a secure and safe environment for people, property, and the conduct of commercial and economic operations, as required by the Constitution. The worrying degree of insecurity in Nigeria has boosted crime and terrorist attacks in many sections of the country, wreaking havoc on the economic and commercial development of the country. With the passage of the Anti-Terrorism Act in 2011, the federal government took steps to criminalize terrorism in order to reduce crime. Despite the government’s efforts, the country’s degree of insecurity remains high, as seen by Nigeria’s poor rating in the Global Peace Index (GPI, 2012). The country’s security problems may be traced back to the early years of military administration, when significant numbers of guns were imported for military use during and after the Nigerian civil war, some of which ended up in the hands of civilians. Soon after the civil war, civilians and ex-military personnel began to employ these weapons for criminal activities such as armed robbery (Olabanji and Ese 2014). Citizens’ rights are
protected under the constitutions of 1999. The government’s incapacity to create a secure and safe environment for people’s lives, property, and the conduct of commercial and economic operations has engendered dissatisfaction and discontent among corporate investors. This has led in communal confrontations, religious violence, and criminality in many regions of the nation, resulting in the loss of lives and property, disruption of companies and economic operations, and a slowing of Nigeria’s economic growth and development. In a dangerous and insecure atmosphere, no business investor, whether local or international, will be inspired to invest. In today’s globalized world, investors want not just excellent returns on their assets, but also a secure environment in which to place them. As a result, Nigeria’s worrying degree of insecurity has rendered the economy unappealing to foreign investors and delayed the pace of corporate activity, severely impacting economic growth and development.
Statement of research problem
There is a significant degree of instability in the nation, notably in the Imo state zone in the eastern portion of Nigeria, where ‘unknown gunmen, fulani herdsmen, and even ESN security network operations’ have become a danger to commerce. No investor will be prepared to put his money where it isn’t safe. Many companies in the country’s eastern regions have shut down as a result of the plague of herders. The cost of lives and material resources lost in the nation due to instability in recent years is unquantifiable. The regular incidence of relentless murders by unknown gunmen, herdsmen raids organised by separatist extremists and fulani religious extremists in the IMO state Eastern portion of the nation, has taken on a concerning dimension. Until now, herdsmen activities, the ESN security network, and unknown shooters have claimed lives. According to security data supplied by Crime Guard, a security monitoring firm, there were 153 successful explosives in the nation between March and December 2012, resulting in the deaths of numerous people and the closure of several companies. Because of the insecurity in Nigeria, particularly in the state of Imo, many enterprises and corporations are winding down operations and fleeing to other African nations to avoid losing lives and property. And the few surviving businesses are operating on a shoestring budget. Insecurity in Imo state impacts not just foreign direct investment and economic activity, but also business confidence, since many firms have lost faith in setting up shop in some sections of the nation.
Objectives of the study
The primary objective of the study is as follows
1. To find out the causes of insecurity in Imo state.
2. To find out the effect of insecurity on business operations in Imo state.
3. To find out the security measure that has been put in place by Imo state government.
4. To suggest possible solutions to insecurity in Imo state.
The following questions have been prepared for this study
1. What is the extent of insecurity in Imo state?
2. What are the effect of insecurity on businesses in Imo state?
3. What are the security measures that has been put in place by Imo state government?
4. What are the possible solutions to insecurity in Imo state?
Significance of the study
The significance of this study cannot be underestimated as:
l This study will critically analyze impact of insecurity and its implication on businesses in IMO state.
l The findings of this research work will undoubtedly provide the much needed information to government organization,security agencies , individual and academia.
Scope of the study
This study will critically analyze impact of insecurity and its implications on businesses in Imo state. Hence, this study will be delimited to selected businesses in Owerri, Imo state.
Limitations of the study
This study was constrained by a number of factors which are as follows:
just like any other research, ranging from unavailability of needed accurate materials on the topic under study, inability to get data
Financial constraint , was faced by the researcher ,in getting relevant materials and in printing and collation of questionnaires
Time factor: time factor pose another constraint since having to shuttle between writing of the research and also engaging in other academic work making it uneasy for the researcher
Operational definition of terms
Analysis: examine something methodically and in detail, typically in order to explain and interpret it.
Insecurity: uncertainty or anxiety about oneself; lack of confidence.
Implication: the conclusion that can be drawn from something although it is not explicitly stated
Business: a person’s regular occupation, profession, or trade.