Security of Infrastructure and Implications on the Economy: A Theoretical Consideration based on Nigeria’s Maritime, Oil and Gas Sectors

Abstract

The maritime, oil and gas sectors account for over 90% of Nigeria’s revenue. This paper presents an overview of maritime security challenges and its effect on the Nigerian economy, using the oil and gas sector as a reference. It utilised secondary data from shipping companies, oil and gas companies, as well as security agencies to establish the relationship among piracy, armed attack, and kidnapping in Nigeria’s territorial waters and Nigeria’s economy. It was established that armed attack in its various forms has a negative impact on Nigeria’s economy. The conclusion and recommendations from this study will help the Nigerian Government develop policy frameworks that will enhance the security of the maritime, oil and gas sector with an attendant improvement in the Federal Government revenue generation and Foreign Direct Investment (FDI).