The destruction of lives and property by militant sects in northern part of Nigeria has taken enormous toll on the nations economy. Concerned stakeholders have warned that if not curtailed in earnest, the trend may grind the economy to a halt, OKECHUKWU NNODIM writes.Stakeholders have alerted the government to the present losses and the future implications the continuous violence and killings in some states of the federation will have on the economy of Nigeria.They noted that Nigeria might never attain the target of repositioning its economy if the restiveness persisted, adding that the much anticipated foreign investments might not become a reality.They frowned on the governments inefficiency in handling the security concerns in the country, noting that various international organisations were watching how the country managed its security issues.Many states in northern part of Nigeria had witnessed unprecedented bomb attacks by the Islamic sect, Boko Haram. The group had increasingly targeted government and private sector establishments, crumbling economic activities in some of the states on various occasions.The group had said that one of its cardinal objectives was to establish Islamic rule in the northern part of Nigeria, stressing that western education and civilisation entailed doctrines contradictory to Islamic beliefs.Bloomberg reported recently that armed attacks by the sect on Deposit Money Banks had reached 100 since the beginning of 2011.It quoted the spokesman of the Central Bank of Nigeria, Mr. Mohammed Abdullahi, as saying, About 100 bank branches have been attacked by Boko Haram and armed robbers this year. When compared with about 5,574 branches of the banks, 1.7 per cent had been attacked.The agency also reported that the President of the Kaduna-based civic group, Civil Rights Congress, Mr. Shehu Sani, who had tried to mediate between the government and the sect, said on December 6 that the Islamist insurgents also attacked banks as a source of finance for their activities.Experts in Nigerias financial system noted that the rampage of the dreaded sect might jeopardise the efforts of the apex bank and the ministry of finance to revamp the nations emerging economy.Describing the acts perpetrated by the group as unpatriotic, the President and Chairman of Council, Nigerian Institute of Management, Dr. Michael Olawale-Cole, said for Nigeria to excel economically, the current violence, which the nation had been experiencing, must be brought under control.He noted that no divided nation could succeed if violence permeated its existence and social order, adding that economic growth and development would be unachievable in a state of chaos and anarchy, such as is being experienced in Nigeria.The NIM boss spoke at the institutes 18th inauguration event last week, noting that about 30 attacks had been recorded this year, all by the Islamic sect.According to reports, in the groups latest attack on December 4, it used explosives and gunfire to destroy branches of Intercontinental Bank Plc and Guaranty Trust Bank Plc in the town of Azare, Bauchi State. The sect also attacked a nearby police station, leaving at least six people dead, with property worth million of naira lost to the incident.The consequences of not strategically addressing this malaise are beyond human and material losses, Olawale-Cole said, adding, It is sad and regrettable that we have lost many innocent lives and valuables as a result of the indecent acts by a few non-patriots. These damages must stop!It appears as if our leadership has lost the political will to lead us through this crisis. Our economy is suffering as a result of this, business and foreign investors are now more cautious in engaging with us. There is increased fear in the social psyche of our people with gradual loss of trust and faith in humanity. This had planted seeds of deceit and mistrust in our cultured minds, birthing the rise of ethnic tensions and suspicions. All these must stop!Boko Haram, which draws inspiration from Afghanistans Taliban movement, has been blamed repeatedly by the Federal Government for the surge in violent attacks this year, including suicide bombings and armed assaults on government buildings, police stations and banks in the north and Abuja.The group claimed responsibility for the August 26 suicide car-bombing of the United Nations building in Abuja that killed 24 people.Buttressing the negative implications of the development on the economy, the Chairman, Juli Pharmacy, Mr. Julius Adelusi-Adeluyi, who spoke at a function in Lagos last week, said Nigeria might continue with the struggle for a sound economy for decades to come if the current situation was not addressed.He said it was high time for the government to manage the crisis, otherwise the countrys unity might be compromised.He said, In fact, the difference between developed and developing nations is largely dependent on the quality of management initiatives undertaken by the leaders in handling crisis, whether economic, ethnic or religious.Olawale-Cole, on his part, however, said Nigerias economy would do well when there was peace in the land. He declared, nevertheless, that the country might not experience peace, except when citizens and stakeholders worked for it.Speaking on the root causes of the national problem, he noted that many Nigerians, especially the young ones had no means of livelihood.He said, Our infrastructures are decaying before our eyes, and this was further reiterated by the ex-British Prime Minister, Gordon Brown, during a recent visit to Nigeria in November this year. Without addressing this, our development growth will be hampered.The current crisis is not just caused by ideological and faith-based stance or belief system; there were triggers that had contributed to it. The Nigerian social system seemed to be comfortably to co-exist with marginalisation.We have a lack of constructive platform for citizens engagement, whilst social and economic inequalities persisted. Our social existence is devoid of tacit values. We daily experience disorientation and vision deficiency, he added.On solutions to the menace, Olawale-Cole said the Nigerian government should start working towards ensuring a stable development of the states social economy with the right policies and structures in place.He stressed that the government needed to break the cycle of poverty in Nigerias communal systems, adding that it had to steer the country to a more equal socio-economic structure.We need structural changes that prevent high level of economic inequality from further arising. We need to look at how to give a more equal voice to those with less economic resources.
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