THE EFFECT OF WAR ON THE NIGERIAN ECONOMY
The last war Nigeria experienced was the Civil War that started July 6 1967 and ended January 15 1970 and even now, the Nigerian economy still has scares from the war. At the end of the war, the south-east of Nigeria had suffered a great blow in every area of survival. Lands and properties were destroyed, starvation and all kinds of diseases came upon the land and the people's condition was critical. Things were as bad as the people of the south-east of Nigeria feeding on dead human flesh to survive. It was a great blow to Nigeria including economically.
It is now 38 years after the civil war and Nigeria (though would have had a far better economy if not for the war) is doing very well compare to some other countries that share the same class as a Developing Nation with Nigeria. There are a lot of rich raw materials that the soil of Nigeria is blessed with for example Nigeria has oil, cocoa, timber, palm kernel, ash and so many others and these raw materials are exported helping the economic growth. The industrial companies owned by Nigerians and foreign organizations that see Nigeria as a place to invest are greatly contributing to the growth of the Nigerian economy. The Nigerian stock market is growing so rapidly now and the Federal government is always trying to make sure the economy is stable and stays stable to attach more investors.
A war in this era of growth in the Nigerian economy will be a disaster to the economy because it is not strong enough to with stand it. No matter what kind of war, a civil war or a national war, the Nigerian economy will cripple and it will take more years to revive it than it took since the first civil war. Oil companies and other investors in Nigeria will have to shut down. The instability of the country will make the economy crumble. The prices of product will go so high; life in the country will become unbearable. Farm crops will be destroyed and survival will be difficult for the common man.