An Analysis Of Alarming Rate Of Insecurity In Nigeria And Its Effect On Banking Sector

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An Analysis Of Alarming Rate Of Insecurity In Nigeria And Its Effect On Banking Sector


Chapter One


Introduction

Background Of The Study

Nigeria has recently been engulfed in a firestorm of insecurity, resulting in the deaths of dozens of innocent people, foreigners, members of the nation’s security forces, elected officials, and others employees of the government.The insecurity problem has grown to epic proportions, causing the country’s political and economic leaders, as well as the entire population, to lament the loss of loved ones, investments, and the lack of security in most parts of the country.kidnappings, ritual killings, carjackings, suicide bombings, religious killings, politically motivated killings and terror, ethnic clashes, armed banditry, and other violent crimes have become an increasingly common feature of life in Nigeria since 2009. (Imhonopi & Urim 2012). The government has tried everything from “force-for-force” to a carrot-and-stick approach to diplomacy, but the problem, like the proverbial phoenix, continues to grow with greater monstrosity. Imhonopi & Urim,2013;cited Open Society, 2012; Ujomu, 2001) advocated for a multi stakeholder intervention to address insecurity rather than relying solely on military options .According to Omoyibo and Akpomera (2013), security is a concept that is prior to the state, and the state exists in order to provide that concept. Security is the prime responsibility of the state (Thomas Hobbes, 1996).The primary goal of government should be to ensure the safety and well-being of the people.” Unfortunately, the government has failed to provide a stable and healthy atmosphere for people, property, and the conduct of business and economic activities, as required by the Constitution.The alarming level of insecurity in Nigeria has fueled crime and terrorist attacks in various parts of the world, wreaking havoc on the economy and development of the country.The importance of human life has plummeted to the point where news of death, particularly on a large scale, elicits little devotion.

Insecurity is becoming more prevalent, threatening the banking sector’s survival and profitability.If not addressed, the rising rate of insecurity in the banking system may pose serious threats to individual banks’ stability and survival, as well as the industry’s overall results (G. O. Nwankwo, 1991).Banks play a role in determining and influencing the course of economic development of the country. Thus, as financial institutions that serve as intermediaries between surplus units and deficit units in the economy, the extent to which banks successfully and efficiently perform the intermediation function profoundly determines not only the level of public trust in the banking system but also the performance of the banks themselves as well as the general economy. The effect of insurgency is gradually destabilizing the banking structures. Banks are no longer safe and work environment not secure for the workforce in the sector.


Statement Of Problem

There is no question that financial institutions’ sustainability and profitability are largely dependent on the presence of a secure security network in a region. According to Dr. Uche Olowu, insecurity in some sections of the country, which is rapidly spreading to other parts, has harmed banking business and operations. International investors are scared off by insecurity, which restricts investment prospects in some parts of the country and highlights Nigeria’s overall unstable existence. Nigeria has been concerned about insecurity. Kidnappings for ransom, terrorist groups like Boko Haram, armed robbery, banditry, and other violent crimes seem to have become widespread in Nigeria. The importance of human life has plummeted to the point where news of death, particularly on a large scale, elicits little devotion.”


Objective Of The Study

The following are the primary objective

  1. To examine the causes of insecurity in Nigeria.
  2. To analyse how insecurity in Nigeria has affected the banking sector.

Research Question

  1. What is the cause of insecurity in Nigeria?
  2. How has insecurity in Nigeria affected the banking sector?

Significance Of The Study

This study will be of significant to the government as it brings to their knowledge ways on curbing insecurity challenges in the country.it will also be of important to scholars and researchers who wants to carry out further research on the study


Scope Of The Study

The purpose of this research is to analyse the alarming rate of insecurity in nigeria affecting the banking sector


Limitation Of The Study

Finance, time constraint and lack of research work were major challenges the researcher encountered during the course of this study


Definition Of Terms

Insecurity:

The state of being insecure or unsafe; liability to give way, be lost, or become unsafe or fraught with danger; want of secureness or stability

Banking Sector:

The banking sector is an industry and a section of the economy devoted to the holding of financial assets for others and investing those financial assets as a leveraged way to create more wealth.


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