Abductions affect the Nigerian economy

Abductions affect the Nigerian economy
Photo By Ask Nigeria- Ask Nigeria

A report showed that Nigerians have paid N63.7M ransom between 2021 and 2022.

A report by SBM Intelligence, titled ‘The Economics of Nigeria’s Kidnap Industry, stressed that the increasing number of kidnappings is one of the major reasons of instability in the country. Recently, catholic priests were abducted, and were asked to pay a ransom of N50 million per priest. With this, it is apparent that the scheme of the abductions is financial. The report states that between 2011 and 2020, kidnappers received less than $20 million, paid as ransom by abducted Nigerians.

However, between July 2021 and June 2022, the abduction of about 3,400 people in Nigeria was recorded, and the deaths of no fewer than 500 people during these abductions. Following the abductions, over N6.5 billion was demanded as ransom for the captives, while the sum of over N63.5 million was eventually paid. As a result of the large sums of money Nigerians have to part with, to save their loved ones from kidnappers, the rate of poverty increases.

Kidnappers now seek ransom in forms other than money.

Kidnapping is an act of keeping someone against their will that usually involves the offering of something in exchange for freedom. It could be a kidnap for ransom, ritual, strategic bargain, and child abduction. However, in Nigeria, kidnap for ransom is the most rampant form of kidnapping where prominent and wealthy people are abducted as a result of the belief that they own enough money to pay a huge amount for their ransom.

Considering the rising poverty levels in the country, kidnappers now seek ransom payments in other forms rather than money. An instance of such ransom payment took place after the kidnapping of members of a Celestial Church in Wasimi, Ewekoro LGA of Ogun State. The kidnappers demanded N50 million for the release of the church members, but eventually released them after the sum of N1 million was paid, together with bags of rice and beans, cigarettes, and guns.

ISWAP released 37 abductees, collecting N100 million each.

Another of such occurrence was the abduction of two children of the Sarkin Gabas of Bafarwa in Sokoto State, June 2022. The ransom payment for the release of the children was N2 million Naira and three new Android phones, with other items like crates of malt drinks, codeine, gallons of palm oil, and water, requested by the abductors. These nationwide abductions have a huge impact on the economy of the country due to its limitation of businesses and investments in critical areas.

In addition, the report revealed that abductions in different states in the country are likely connected to specific groups; it is either to extract concessions or for ransoms. ISWAP and Boko Haram, for example, are infamous in Borno State, for their target of travelers and aid workers. After ISWAP’s attacked the Kaduna-Abuja train where it abducted 72 passengers, it released 37 abductees for different sums of money ranging from N100 million upward, per abductee.

Mass unemployment is a factor that breeds kidnapping.

Judging from previous cases of abductions, the reports disclosed that the majority of the kidnappings are carried out by desperate criminal gangs with the sole aim of getting ransom payments. Some of the factors that have led to the prevalence of this act in the country is the challenge of illegal arms, weak security architecture, and socio-economic factors such as mass unemployment, which gives the opportunity for miscreants to embrace kidnapping as a method of making money easily.

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Ask Nigeria
1 month ago

Abductions affect the Nigerian economyA report showed that Nigerians have paid N63.7M ransom between 2021 and 2022.Express your point of view.

SarahDiv
Member
1 month ago

It is really shameful that our government couldn’t proffer solution to this incessant kidnapping and killing by these blood tasty terrorist. Very pathetic that couldn’t do anything to curb these inhumane activities.

DimOla
Member
1 month ago

All these nonsense is the result of the porosity in our government. There is an intruder mascurading as a Nigerian hiding under exegesis of government officials to perpetuate it evil act. President Buhari administration is the worst of all administration. It is characterized by nepotism, sectionalism, corruption, mismanagement of public funds and etc. God is watching.

Adeolastan
Member
1 month ago

The level of kidnapping in the country is alarming and it’s very sad because the government that suppose to provide security to her citizens has fail woefully and the miscreants has really turn the unholy act to proper business.

Tolaniiii
Member
1 month ago

The Nigerian government is the main reason why we have problems like this, if they had a way to tackle the unemployment problem then kidnapping cases wouldn’t have been this rampant

Bola12
Member
1 month ago

The problem of illicit weaponry, lax security systems, and socioeconomic issues have all contributed to the occurrence of this atrocity in the nation.

Christiana
Member
1 month ago

The most common type of kidnapping in Nigeria is kidnap for ransom, in which rich and powerful people are kidnapped under the pretense that they have the means to pay a hefty ransom.

Iyanu12345ogg
Member
1 month ago

Abduction is now seen as a job in Nigeria as a result poverty. it is now affecting the Nigerian economy. The govt should give necessary support to our security personnel’s with funds and equipments so to tackle the kidnappers.

Last edited 1 month ago by Iyanu12345ogg
Haykaylyon26
Member
1 month ago

Our insecurity in this country need to end, our security must be tight to afford all this kind of issue like abduction and other criminal activities we have to reform our security activities so everywhere will be safe and sound

Ultra0711
Member
1 month ago

The government have contribute little or rather no effort in strengthening the country’s security which is why the issue of abduction and other criminal activities keeps escalating. We need to vote a new competent government that will keep the country safe in the coming election.

Tonerol10
Member
1 month ago

That is so much money, nawa o. Government has not done anything serious to tackle the problem of insecurity for long. What a country we found ourselves. What a shame to this Government

Taiwoo
Member
1 month ago

The government should support and back our security operatives with funds, equipments and man power so they will be able to tackle this kidnapping issue head on.

Nwachukwu Kingsley
Member
1 month ago

This particular crime has been plaguing the country for years and nothing has been done about it, we need to get it right this 2023 and vote for s government that will set priorities straight.

Hassan Isa
Member
1 month ago

The government needs to double up on our security because these kidnapping cases are already getting out of hand. No one is safe

Chibuzor
Member
1 month ago

Because of the widespread unemployment, criminals now have the option to turn to kidnapping as an easy way to get money for themselves.

Remi1
Member
1 month ago

Because of the restrictions placed on enterprises and investments in vital sectors, these kidnappings across the nation have a significant negative effect on the economy of the country.

Godsewill Ifeanyi
Member
1 month ago

Wow, I’m just learning that in light of the growing poverty levels in the country, kidnappers are now looking for alternative types of ransom payments rather than money.

Adesanyaj72
Member
1 month ago

The prevalence of poverty in Nigeria is increasing as a direct result of the vast quantities of money that citizens are forced to part with in order to free their family members and friends from the grasp of kidnappers.

Kazeem1
Member
1 month ago

The growing frequency of kidnappings is one of the primary factors contributing to the country’s unstable political climate, the government should step in

Abusi
Member
1 month ago

Abduction of people has become a new trend and it is now adversely affecting the Nigerian economy. Insecurity is really eating deep not just into our economy but also in our whole life as citizens. Kidnapping of people for ransom has now become a trend. It is so unfortunate

theApr
Member
1 month ago

Such a shame to the Nigerian government that a crime has persisted for over 10years, yet no result-yielding decision has been taken. Shame!

jdpumping
Member
1 month ago

Abduction is now a new business in Nigeria to so many people,they now kidnapp people.in broad day light and ask for huge sum of.money and other things of benefits to them before releasing those in their camo.Government needs to do more to safe the people.