Peoples Forum Summit: FG urged to strengthen community policing, diversify economy to combat insecurity, inflation

A transportation economist, Dr. Oluwasegun Musa has stated that Nigeria’s over dependence on oil exports leaves the country vulnerable to external shocks, such as fluctuating global oil prices, and, however, urged the federal government to diversify the national economy.

Dr. Oluwasegun Musa, who is the Chairman/CEO, Widescope International Group, said the nation as a matter of urgency must strengthen community policing and empower her youth to combat insecurity in the country.

Dr. Musa, who gave the advice as the guest at the People’s Forum Magazine 15th National Business Summit in Lagos recently, said Nigeria is potentially blessed to be rich but attributed the poor state of the nation to bad management of her natural and human resources.

According to him, “Nigeria’s overdependence on oil exports leaves the country vulnerable to external shocks, such as fluctuating global oil prices. To sustainably reduce inflation, the government must diversify the economy by investing in non-oil sectors such as manufacturing, tourism, and technology. Countries like Malaysia and Indonesia, which were once similarly dependent on oil, successfully diversified their economies and, as a result, achieved stable inflation rates. Promoting industries such as manufacturing will reduce Nigeria’s reliance on imported goods, stabilizing the naira and reducing inflationary pressures. Furthermore, a more diversified economy will generate jobs, reduce unemployment, and diminish the economic hardship that feeds into insecurity.”

He said inflation and insecurity have crippled the national economy, saying “Insecurity has crippled key economic sectors in Nigeria. Agriculture, which employs over 35% of the labor force and contributes about 24% to the country’s GDP, has suffered immensely due to attacks by insurgents and bandits. According to the World Bank, insecurity in northern Nigeria has led to a 30% reduction in agricultural output, resulting in food scarcity and price hikes. The National Bureau of Statistics (NBS) reported that food inflation reached 25.25% by the end of 2023, primarily driven by supply chain disruptions in the northern and middle-belt regions.

“Similarly, insecurity deters foreign and domestic investment, reducing job creation and further pushing inflation upwards. With a weakened economy, the government is forced to spend more on security, diverting resources away from critical development projects, thus leading to slower economic growth and higher inflation.

“On the other hand, inflation worsens socioeconomic conditions, fostering the very environment that breeds insecurity. As the cost of living rises, with inflation reducing real incomes, more Nigerians are pushed below the poverty line. The World Poverty Clock estimates that over 71 million Nigerians currently live in extreme poverty, a figure that rose by 7 million in 2023 due to inflation. When economic hardship increases, so does the propensity for criminality and insurgency, as more people turn to illegal means to survive.

“This dynamics is particularly evident in the high rates of youth unemployment, which have soared to over 33%, according to the NBS, making the unemployed more susceptible to recruitment by terrorist and criminal groups.”

On strengthening community policing, Musa said “Community policing offers an effective solution to Nigeria’s security challenges. By integrating local communities into security frameworks, authorities can build trust and foster better intelligence sharing. Local knowledge is invaluable in identifying criminal elements and preventing attacks before they escalate. States like Lagos and Enugu have pioneered community policing initiatives that have seen positive results, reducing crime rates in their areas.

“Scaling up these efforts nationwide will require investment in training, infrastructure, and logistical support for local security agencies, alongside efforts to harmonize relationships between state and federal policing structures. This will not only improve local security but also allow businesses and agricultural activities to resume, thus stabilizing prices and helping to lower inflation.”

On Youth Empowerment Programs, he has this to say “Youth unemployment is both a symptom and a driver of insecurity. Vocational training and entrepreneurship initiatives can serve as preventative measures, providing alternative avenues for gainful employment and reducing the appeal of criminal activity.

“Programs such as the N-Power Initiative have had moderate success in reducing youth unemployment, but there is room for significant improvement in scale, funding, and oversight.

“Successful youth empowerment schemes in other African countries have led to tangible reductions in crime. For instance, Kenya’s National Youth Service program has demonstrated how engaging unemployed youth in community and infrastructural projects can reduce their vulnerability to radicalization. Similar programs, if well-funded and properly implemented in Nigeria, can contribute to both reducing insecurity and increasing economic productivity, which would help curb inflation.”

Earlier in his welcome address, the Publisher of People’s Forum Magazine, Pastor Tunde Ojudun, said “celebrating People’s Forum magazine’s 15th National Business Summit with the theme, Insecurity and Economic Growth. We all know that man needs money, he needs sound economic base but above all that he must be secured before talking of money or financial growth.

“Insecurity has no doubt affected businesses and the nation’s economy at large. Farmers cannot go to farm like they in the past for fear of kidnappers, killer herdsmen and insurgents.”

Pastor Tunde Ojudun charged the Federal Government to do more in the fight against insurgency and all forms of criminality for the economy to bounce back.”

According to him, “There will continue to be food shortage and hunger if the insecurity issue is not properly addressed.”

At the event, some eminent Nigerians were honoured with various awards for the contributions to the growth of the national economy of the country.