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IMPACT OF COST OF CONFLICT ON ECONOMIC DEVELOPMENT IN NIGERIA

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IMPACT OF COST OF CONFLICT ON ECONOMIC DEVELOPMENT IN NIGERIA

 

Abstract

This study examined the interface between economic development and cost of conflict in Nigeria. The objective of this study was to determine the impact of cost of conflict on economic development in Nigeria. The method of data collection used in this study was field survey method involving the use of questionnaire and the statistical tool used in analyzing the data was the Kruskal-Wallis Test, Factor Analysis and Bar Chart Analysis. From the result of the analysis, it was observed that conflict has significant impact on economic development of Nigeria. This is because conflict often disrupt economic activities and thereby reduces the per capita taxable capacity of the economy; since businesses are more likely to wind up because of distortions, people flee and seek refuge in other countries or end up crowded in relatively safe areas of the conflicting country. It was found that social values such as tolerance amongst citizens and respect for human rights were found to have very low impact on conflict management in Nigeria while societal structures such as well functioning government and level of corruption were observed to have low impact on conflict management in Nigeria. In addition, it was found that Nigeria has being experiencing series of conflict and the level of un-peacefulness has not contributed to the size of the stock market. Also, the level of tolerance amongst Nigerian citizens’ is very low and the government in Nigeria is not functioning well. It was equally found that the corruption level in Nigeria is on a very high side regardless of fights and efforts to minimizing corruption by bodies such as Economic and Financial Crimes Commissions (EFCC) and Independent Corrupt Practices and Other Related Offences (ICPC).

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