KIDNAPPING, INVESTMENT AND ECONOMIC GROWTH IN NIGERIA: EFFECTIVENESS OF POLICY MEASURES IN CURTAILING CRIME
Timothy Terwase Nev , Raphael Idoko Amana and Thomas Ejeh Ameh
Volume 6 Issue 2
Abstract
The study examines the economic ramifications of kidnapping for ransom in Nigeria. It investigates how rising kidnapping rates affect business investment, property values, and overall economic growth using descriptive statistics. Statistical data on reported kidnapping incidents from 2013 to 2023 show a steady increase over the years, with over 5,000 people kidnapped in 2021 alone. Correlation analysis reveals a negative relationship between kidnapping incidence and GDP as well as FDI growth. The paper also after reviewing various policy measures implemented by Nigerian authorities to curb kidnapping, found policy measures not to have produced the desired effect. Drawing from rational choice theory, recommendations are made to address the socioeconomic drivers of kidnapping through job creation, skills training, strengthened security, stringent punishment for offenders, and laws banning ransom payments. If left unabated, the pervasive insecurity caused by kidnapping poses significant threats to Nigeria's economic development and social stability. Keyword: Kidnapping, Investment, Economic Growth, Crime, Effective Policy
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