Impact of Social Crises on Economic Development: Theoretical Evidence from Nigeria

Abstract

Social crisis could be corruption, ethno-religious, war, genocide, or political, which effects are destruction of properties, waste of resources, and hence inefficient utilization of resources. Though Nigeria is blessed with abundant natural and human resources, however, the country has always been in one crisis or the other ranging from corruption, ethnic, and religious to political crises. This paper, therefore, examines the impact of these social crises on effective and efficient utilization of both its natural and human resources towards the development of its economy, using a descriptive analysis approach. Findings indicate that social crises in Nigeria, especially corruption and ethno-religious conflicts have been a clog on the wheels of economic growth and development in Nigeria. Based on these findings, some policy recommendations were offered, which include: the promotion of religion tolerance and peaceful coexistence of the citizens, and monitoring of the activities of its people through the establishment of committee of elders, to quickly intervene and nip in the bud any crisis before it degenerate to a major conflict. The government should employ the rule of engagement in deciding what the citizens want and take steps in meeting their needs, rather than deciding on its own what to provide for the people.