BOKO HARAM TERRORISM AND ITS IMPLICATIONS ON BUSINESS IN NIGERIA

Abstract

Terrorism has become a global and burning issue of the day. Terrorism elicits a lot of concern from troubled members of the public that are alarmed at the wanton destruction of lives and property at odd hours and in unexpected places. Bombs or explosives have been thrown by terrorists at ‘soft targets’ such as public places or buildings including market places, mosques and churches, and government buildings causing loss of lives. Perhaps, the most notorious case of international terrorism was
the September 11, 2001 (9/11), which took place in the United States of America. That terrorist attack and many others are said to be executed or claimed by individuals or group of individuals associated with Islam. For instance, the 9/11 attack on the World Trade Centre and Pentagon was allegedly carried out by the AlQaeda Islamic Group led by late Osama bin Laden. In Nigeria the most recent bombings are claimed by the Boko Haram Islamic Group. Within the last few years, heightened social insecurity in Nigeria has arguably fuelled the crime rate, leaving unpalatable consequences for the nation’s economy and its growth. The rates of terrorist bombings, kidnappings, armed robbery attacks on banks as well as other violent crimes in recent months, have led to a prevalent massive loss of the nation’s human capital. This ugly trend poses a threat to the future of the nation’s agricultural productivity and real sector levels, private sector investment volume, petroleum sector growth rate, manpower and overall economic development. In order to achieve the objective of the study, the paper generated data mainly from existing literature on terrorism and its impact on businesses. Content analysis technique was used to draw insights from the literature on areas that are considered very significant to the research. Drawing on secondary sources, this paper shows that given that the activities of Boko Haram have affected the manufacturing and tourism sectors. From billions of dollars in financial losses by manufacturers to monumental decline in Foreign Direct Investment (FDI) and job losses, the economy is left gasping for breath. The paper concludes by positing writes that unless President Muhammadu Buhari halts the sect, more manufacturers and businesses especially those in the Northeast, may quit.