The Lagos Chamber of Commerce and Industry, LCCI, has urged the Federal Government to review its security strategies and prioritise the safety of lives and properties across the country.
President of LCCI, Babatunde Ruwase, made the call on Wednesday in Lagos during a media briefing on the state of the nation.
He said the spate of insecurity in parts of the country was becoming worrisome and has grave implications for businesses and investors.
“Incidence of criminality, such as terrorist activities of Boko Haram in the North East, herdsmen killings and destruction of farms, kidnapping, armed robbery and cult related violence.
“Religious and ethnic conflicts are prevalent across the country,” he said.
Mr Ruwase noted that insecurity issues would affect the country’s quest to achieve food security, contribute to high food inflation rate and cause shortage of raw materials for agro-allied businesses.
According to him, the situation also has negative effects on investors’ confidence and generates adverse global perception about the country.
He said that the cost of security have spiked operational costs of some businesses, especially in oil and gas sector by 12 per cent over the last four years.
“Some of them had to provide private security, escorts, convoy operations and protection of facilities and equipment,” he said.
Mr Ruwase urged government to provide adequate security and invest in apparatus that would assist in curbing the menace.