Nigeria’s Northeast Economy and the Challenges of Transnational Terrorism: Study of Islamic States in West African Province

Abstract

Nigeria’s economy is boosted by several micro-economic activities within and across the northeast, particularly the Lake Chad axis as well as other regions. The country is blessed with numerous natural endowments, huge populations and there are many private and corporate businesses promoting economic stability, growth and developments. Paradoxically, the emergence of terrorists groups and subsequent capture of Lake Chad by Islamic States in West African Province (ISWAP) posses a new threat to Nigeria’s quest for food security, socioeconomic activities, human lives and trans-border commercial activities, sources of revenue, foreign exchange and attracting of foreign investors into the northeast. The paper concluded that transnational terrorism is a threat and a major impediment to the economy of northeast Nigeria, as well as other countries sharing the Lake Chad Basin. Strong bilateral and multilateral military synergy, financial backing, provision of functional/modern equipment, recruitment and deployment of both conventional and non-conventional security operatives, among others are recommended as the panacea for securing the region, revamping and sustaining its economy.