Terrorism Financing And The Nigerian Economy

Abstract

Terrorism activities have advanced in Nigeria leaving the country’s economy with numerous challenges. Of recent, terrorist attacks once more dominant in the northern part of the country have extended significantly to the southern parts of the country. Unfortunately, more attention has been given to terrorism activities with little focus and time expended on curtailing terrorism financing. The cardinal objective of this article, therefore, is to comprehensively investigate the implication and effect of terrorism financing on each component of the Nigerian economy. The study concludes from the literature reviewed that the strength of terrorist activities is a function of the ease with which the terrorist gets funded for their activities. Terrorists thrive in nations like Nigeria when the terrorists can without a tough resistant source for resources or generate funds with or without government concerns. Secondly, the literature also revealed that terrorist financing probably impedes some economic indices in Nigeria like economic unemployment growth, investment, and among others. Therefore, the study recommends among others that significant government programs and policies should be channeled towards curtailing terrorism financing while less effort should be tailored towards combating terrorist activities. However, if the activities are a resources-generating stream for terrorists like kidnapping, quick and thorough effort should be engineered towards tackling such activities being that such activities are a double barrel in the hands of the terrorist due to its multiplier effect.