Insecurity: Cost of alternative security taking toll on businesses — LCCI

The Lagos Chamber of Commerce and Industry (LCCI), has described funds spent by businesses, on alternative security, due to the state of insecurity in the country, as alarming, and, therefore, eating deep into the profit margins of such businesses.

Making the remarks at the ‘2023 Security Meets Business Dialogue Series’, organised by LCCI in Lagos, recently, the Chamber’s President, Asiwaju Michael Olawale Cole, stated that the ‘unprecedented levels of insecurity in the country in the past one decade, are beginning to have severe implications for investment flows and businesses.

This development, he added, had compelled a lot of businesses to adopt alternative security measures for protecting themselves, most times at huge costs to those businesses.

Citing the insurance sector as one of the worst hit, Asiwaju stated that the risks regarding insecurity in the sector have dramatically increased over the years.

“Insurance premiums for security-related risks have risen significantly. Also, in the Telecommunications Sector, there has been a significant increase in the cases of stolen and vandalised equipment.

“The Oil & Gas Sector has continued to experience more cases, particularly the vandalisation of infrastructure and increasing oil theft. Furthermore, insecurity in Nigeria has been a significant driver of inflation, food insecurity, and food supply challenges,” he stated.

While acknowledging the efforts of the nation’s security personnel at tackling insecurity in the country, in recent times, the LCCI boss however called for a collective and integrative security architecture involving the federal, state and local governments in Nigeria.

“This arrangement should produce a strong and coordinated presence of security personnel at the village, community, local, state and federal levels. This will ultimately assist in identifying criminals, their sponsors, and hideouts in the country,” he stated.

Asiwaju explained the idea of the conference, which had in attendance the different security arms of the state, stemmed from the need to provide a platform for security agents, private sector operators, and members of the diplomatic to dialogue and seek solutions to the security challenges, plaguing the nation.

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