Former Minister of Information and Culture, Lai Mohammed, has warned that insecurity is increasingly becoming an economic burden for Nigerian businesses, discouraging investment and threatening economic growth.
The former minister made the remarks on Thursday while chairing the 7th Freedom Online Yearly Lecture at the Sheraton Hotel, Ikeja, Lagos, themed “2027 Elections: Economy, Security and Nigeria’s Future.”
He said security was a precondition for economic growth, stressing that businesses and investors could not operate effectively in an atmosphere of uncertainty.
“Security is the precondition for economic growth. No business thrives in an atmosphere of uncertainty, and no foreign or local investor deploys capital where safety cannot be guaranteed,” he said.
Mohammed also linked economic inclusion with political stability, particularly as Nigeria approaches the 2027 general elections.
He said young Nigerians who are gainfully employed and have a clear path to self-actualisation would be less vulnerable to political manipulation and electoral violence.
According to him, the 2027 election should not be viewed merely as a contest for political power but as an opportunity to strengthen institutions and advance nation-building.
“The real measure of our democratic progress is whether our electoral outcomes strengthen institutions, bolster investor confidence and guarantee peace across our communities.”
The former minister acknowledged the economic and security challenges confronting the Federal Government, saying they could not be resolved overnight.
He called for consistency, patience, institutional strengthening and national cooperation to address the challenges.
Mohammed also urged the media to play a responsible role ahead of the 2027 elections, warning that irresponsible reporting could amplify fear, deepen divisions and worsen insecurity.
He said the media had the power to inform citizens, interrogate claims, expose falsehoods and provide platforms for competing ideas.
However, he warned against sensationalism, fake news and incendiary rhetoric, which he said could undermine economic confidence and national security.
“We therefore need a media that is robust without being reckless; critical without being destructive; patriotic without becoming partisan; and free without forgetting the enormous responsibility that comes with freedom.”
He charged journalists to remain custodians of truth and focus their coverage on policy, competence and concrete solutions as the country approaches another critical electoral transition.
Former Ogun State Governor and Senator Gbenga Daniel, the Special Guest of Honour at the event, also stressed the inseparable relationship between Nigeria’s economy and security.
Daniel said Nigeria could not build a strong economy without security, just as lasting security could not be achieved without a strong economy.
“Nigeria cannot have a strong economy without security, and it cannot have lasting security without a strong economy. The two are inseparable.”
He said Nigeria’s economy had recorded encouraging signs, including 4.43 per cent growth in the second quarter of 2026, with agriculture and services showing improvement.
However, Daniel said the real measure of economic progress should go beyond GDP figures to what Nigerians experience in their daily lives.
He asked whether young Nigerians could find decent jobs, farmers could safely reach their farms, manufacturers could produce competitively and small businesses could survive the costs of power, transportation and finance.
“These questions bring us directly to security,” he said.
Daniel described security as an essential part of economic infrastructure, rather than an issue solely for the military, police and other security agencies.
He said insecurity affects economic activity by preventing farmers from cultivating their land, making roads unsafe for the movement of goods, increasing businesses’ spending on protection and discouraging investment in affected communities.
Daniel cited the reported abduction of more than 7,800 people between July 2025 and June 2026, describing it as both a security statistic and an economic warning.
“When businesses spend excessively on protection, their competitiveness declines. When communities live in fear, investment is discouraged.”
Despite the challenges, Daniel said Nigeria had enormous economic potential, citing its young population, entrepreneurial culture, growing technology sector, financial institutions and creative economy.
He said the challenge was to create the conditions that would allow Nigerian talent and enterprise to flourish at scale.
Daniel also stressed the importance of developing Nigeria’s non-oil economy, noting that the sector accounted for approximately 95.8 per cent of real GDP in the second quarter of 2026.
He identified agriculture, manufacturing, technology, construction, financial services, tourism, entertainment and the digital economy as important areas for future growth.
He said Nigeria’s task was to translate growth in these sectors into productive jobs, higher incomes and improved living standards.
Daniel particularly emphasised the need to create opportunities for young Nigerians.
“They need more than speeches. They need skills, employment, access to capital, technology and a society in which enterprise and hard work can lead to a better life.”
He said providing opportunities for young people would strengthen social stability, while denying them opportunities could fuel frustration.
Daniel also cited Lagos and Ogun states as examples of what could happen when population, enterprise, infrastructure and opportunity come together.
He said the wider national challenge was to extend similar opportunities across the country so that entrepreneurs in cities such as Aba, Kano, Ibadan, Jos, Port Harcourt and Maiduguri could build businesses with confidence.
Concluding his remarks, Daniel said the future of Nigeria would depend on the decisions being made today.
“If we secure our farms, we strengthen food security. If we secure our roads, we strengthen commerce. If we secure our communities, we attract investment.”
He said he remained optimistic about Nigeria because the country’s capacity was greater than its problems.
“We have the people, the resources, the market and the entrepreneurial spirit. What we need is the security, leadership, infrastructure and discipline to convert potential into prosperity,” Daniel said.
