By: Theresa Moses
The Nigeria-South Africa Chamber of Commerce (NSACC) has hosted its January 2025 Breakfast Forum at the Iris Hall, Eko Hotel & Suites in Lagos to address economic impact of insecurity on businesses in Nigeria.
The event, sponsored by Protection Plus Service Limited, was held on Thursday, 30th January, 2025.
In her welcome address, Dr. Ije Jidenma, Chairman of the NSACC, emphasized the devastating effects of insecurity on Nigeria’s economy.
According to her, “There is no doubt that insecurities are the front burner, and it’s the major issue of concern in our country. It has counted huge allocation of the national budget to security, and we hope that this will bring down the organic level of insecurity in Nigeria and tempered the burgeoning crime village and terrorist attacks in different parts of the country.”
Dr. Jidenma noted that insecurity negatively affect business operations, slowing down investments, disrupting supply chains, increasing operational costs, and discouraging foreign direct investments.
“The prevalence of crime and violence make potential investors hesitant to deploy their financial resources in the country. Businesses often need to invest in additional security measures, such as private security guards and mobile policemen, to protect their goods and personnel.”
While recommending antidotes, the NSACC Chairman emphasized that the government needs to address the root causes of poverty through education, particularly in technical areas, and vocational training. “We need to reorient our value system to empower our vibrant youth and positively deploy our population.”
The guest speaker, Mr. Andre Okonta, Chief Operating Officer of Protection Plus Services Limited, speaking on “The Economic Impact of Insecurity on Business Operations,” emphasized that Nigeria’s insecurity crisis poses huge threat to business operations and economic growth.
Mr. Okonta observed that the country’s evolution from armed robbery to complex threats like kidnapping, terrorism, and cybercrime has worsened insecurity, particularly in the Northeast and Northwest.
He identified corruption, unemployment, inequality, and bad governance as underlying factors contributing to insecurity.
To mitigate the impact of insecurity, Mr. Okonta recommended that businesses implement robust risk management frameworks while stressing the need for the government to tackle security problems, eliminate corruption, and provide gainful employment.
The breakfast forum provided a platform for experts to share insights on how businesses can thrive despite the turmoil in the country.
The event was moderated by the vice chairman, Mr. Ajibola Olomola
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