LAGOS, Jan. 24 (Xinhua) -- The spate of insecurity in parts of Nigeria is becoming worrisome and has grave implications for businesses and investors, the Lagos Chamber of Commerce and Industry (LCCI) said Wednesday.
Babatunde Ruwase, President of LCCI, who made the call in Lagos, the nation's economic hub during new conference on the State of the Nation, urged the government to review its security strategies and prioritize the safety of lives and properties across the country.
"Incidence of criminality, such as terrorist activities of Boko Haram in the North East, herdsmen killings and destruction of farms, kidnapping, armed robbery and cult related violence," he added.
According to him, religious and ethnic conflicts are prevalent across the country, noting that insecurity issues would affect the country's quest to achieve food security, contribute to high food inflation rate and cause shortage of raw materials for agro-allied businesses.
He said the situation also has negative effects on investors' confidence and generates adverse global perception about the country.
The industrialist said the cost of security have spiked operational costs of some businesses, especially in oil and gas sector by 12 percent over the last four years.
"Some of them had to provide private security, escorts, convoy operations and protection of facilities and equipment," he said.
Ruwase urged government to provide adequate security and invest in apparatus that would assist in curbing the menace. Enditem
