Prominent figures from Nigeria's business and policy sectors have cautioned that the nation's growth potential will continue to be unstable unless economic development and national security are addressed together.
The key point at the Kosofe Economic and Security Dialogue 2025.
Hosted at the Fish Farm in Ogudu, Lagos, on September 18, the discussion gathered the President of the Lagos Chamber of Commerce and Industry (LCCI), Mr. Gabriel Idahosa; the Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, and the Founder of B. Adedipe Associates Limited (BAA Consult), Dr. Biodun Adedipe, along with other participants.
The discussion, organized by Joe Femi-Daguro, President of theKosovo Chamber of Commerce and Industry, promoted the theme "Building a Stronger Future: Balancing Economic Development and Security Needs."
Commenting on this year's theme, "Building a Resilient Future: Balancing Economic Development and Security Needs," Dagunro reminded attendees of the original purpose behind the dialogue.
He stated that the platform was never meant to be "a place where people come together to vent," but instead "a demonstration of how communities can address their own issues."
"Wherever you go, people express dissatisfaction with the economy, security, and even life itself. Complaining is a normal part of human nature," he stated.
But when we launched this initiative, we decided it wouldn't merely serve as a platform for complaints. It needs to be an area where we present actionable solutions and take responsibility for our advancements annually.
Dagunro highlighted concrete outcomes from the previous year's discussions, such as the creation of a multi-functional cooperative society within the Chamber.
He stated that the program has turned into a vital support system for small businesses that had been struggling for a long time due to bank loans carrying interest rates as high as 36 percent.
"If you invest ₦200,000, you can gain access to ₦400,000. If you put in ₦2 million, you can access ₦4 million. The guidelines are straightforward—members vouch for each other," he explained.
"If your own community is unable to confirm your reliability, then a bank won't either. This is how we seize control of our future," he remarked.
In a more casual moment, he compared the initiative to the government's usual talk about "unlocking opportunities."
Government claims they are unlocking, but who was the one who locked it in the first place?" he questioned, prompting laughter from the crowd, and continued by saying, "We don't need to keep unlocking. We're constructing houses without doors, so there's nothing to lock.
This year, Dagunro noted, the conversation broadened its range to incorporate security, acknowledging that economic development cannot flourish without stability, and mentioned that specialists from Nigeria, Ghana, and other regions were invited to present comparative approaches for addressing instability while promoting business.
Security issues go beyond what occurs on the streets," he stated. "They impact businesses, supply chains, and the trust of investors. This is why we need to look at them from a wider angle.
At the gathering, Idahosa praised the Kosofe Chamber for establishing a forum to examine Nigeria's most pressing issues, calling the theme both critical and fundamental.
"Without security, economic growth is weak, and without economic opportunity, security cannot last," he stated.
He highlighted youth unemployment, cybercrime, and unstable supply chains as critical challenges affecting community stability, emphasizing that companies need to adopt innovation and corporate responsibility to serve as key contributors to national security.
Additionally, Dr. Yusuf cautioned that insecurity has emerged as Nigeria's most significant economic challenge, undermining investor trust, hindering agricultural activities, and reducing oil earnings.
He associated ongoing food price increases with instability in agricultural areas and pointed out the billions lost each year due to illegal oil theft.
"Unemployment is not merely a societal or governmental issue; it is essentially an economic challenge. It skews market dynamics, discourages investments, and intensifies poverty," he mentioned.
He advocated for more robust security organizations, tech-based intelligence, and enhanced cooperation between the public and private sectors to disrupt what he referred to as the "cycle of poverty and crime."
Reiterating these worries, Dr. Adedipe stated that resilience starts with foreseeing interruptions and developing the ability to bounce back from them.
He pointed out that although Nigeria's rebased GDP in 2024 reached ₦372.8 trillion (US$243 billion) with a growth rate of 3.38 percent, these numbers hold little significance if insecurity keeps undermining output.
Every instance of violence or instability stems from an economic reason," he noted, using terrorism, oil theft, and robbery as examples of what he referred to as the "economics of insecurity.
Adedipe stated that poverty, joblessness, ineffective leadership, and the spread of weapons continue to be major causes of instability.
He called on the government to implement open social protection systems to mitigate the severe impacts of the changes, emphasizing that "effective reforms result from bravery and sacrifice."
The conversation concluded with an agreement that Nigeria's future strength relies on a unified strategy where economic policies support security, and security forms the basis for inclusive and long-term development.
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