Terrorism Financing in Nigeria: Its Roots, Impacts, and Possible Reforms

Abstract

The threat of terrorism financing has left a trail of violence and conflict in Africa which prevents countries like Nigeria from meeting important goals such as the United Nations Sustainable Development Goals and the African Union Agenda 2063. There is an urgent need for action to address the challenges that this threat represents to the fragile stability of Nigeria. This paper uses data from local and international journals, investigative reports, online newspapers, government publications, and conference articles, to describe the problematic and endemic nature of terrorism financing in Nigeria. The paper further evaluates the magnitudes of terrorist funding and its impacts on people's socio-economic conditions. The research indicates that weak borders – particularly in the northern region of Nigeria – along with religious bigotry, poor governance, and high unemployment and poverty rates are some of the key enablers of terrorism financing. To bring the problem under control, the paper suggests that building close collaboration with neighboring countries, overhauling security intelligence, resolving people's socio-economic crises, embracing innovations informed by research and development, and strengthening counter-terrorism policies are central to curtailing the outrage of terrorism financing in Nigeria.