Insecurity adversely affecting Nigeria’s economic growth – Buhari

President Muhammadu Buhari has lamented the adverse effect of insecurity on the economic growth of Nigeria.

Buhari said this in his New Year speech on Friday.

The president, who described insecurity as a challenge, decried violence in the country.

He said insecurity is setting Nigeria back at “critical points” through the destruction of public and private investments.

Buhari said that the nation is on a difficult journey to nationhood and greatness.

He said, “The persistence of various forms of violence has meant that in the most affected parts of the country, the fabric of inter-communal harmony woven through years of investment of effort at building trust, mutual respect, and harmony has been threatened.

“Insecurity as a challenge has direct repercussions on our national economic stability, growth, and development, setting us back at critical points through the destruction of public and private investments.

“In parts of the country where chronic poverty, social exclusion, and disillusionment among sections of the youth were already a problem, the cycles of violence that have been unleashed by mindless groups like Boko Haram and others have thwarted the efforts of government to undertake the social policy and associated investments that could make a huge difference in the quality of life of our citizens.”

Buhari further said that his administration is “re-energising and reorganising the security apparatus and personnel of the armed forces and the police with a view to enhancing their capacity to dismantle the operations of both internal and external extremists and criminal groups waging war against our communities in some parts of the country”.