An Assessment of the Implications of Boko Haram Insurgency on Socio-Economic Development in North-Eastern Nigeria

The crises of Boko Haram insurgency going on since 2009 in the Lake Chad Basin affects the livelihood system and relationships of people and communities in the region. Almost every sector is affected by the atrocities of the Boko Haram group, and governmental efforts to end it is still not enough as the miscreants are still launching attacks of different sorts in some communities. This paper examined the implications of Boko Haram insurgency on socio-economic development in North-Eastern region and utilised secondary data to come up with findings. The paper reveals that the crises have crumbled the economy of the region to the extent that farmlands are deserted due to fear of attack or improvised explosive devices. Food and non-food productions in the region have drastically reduced. Market places loses huge opportunities of exchange for goods especially with international marketers and southern businesspersons. It has also reduced effectiveness and efficiency of financial institutions like banks. Thus, it was concluded and recommended that no meaningful development will take place in the region without meaningful and sustainable peace, and that if the security and peace is not restored in the region, the whole country’s economy will continue collapsing. More so, the crisis is continue placing North-East as the most economic backward area, in addition to other underdevelopment challenges associated with the crises. In places where security has improved such as state capitals, banks should be asked to increase their hours of operation, open additional branches and ensure the availability of adequate staff to promote economic activities in the region. The aid organisations working in the region should improve their supports around agricultural and entrepreneurship based projects and programmes, as this will continue to boost the economy of the area.