ABSTRACT

This study examines the impact of security financing on economic growth in Nigeria. The specific objectives are to examine the impact of physical security financing on the Gross Domestic Product in Nigeria, determine the effect of health security financing on real gross domestic product in Nigeria, examine the influence of food security financing on real gross domestic product in Nigeria, and assess the effect of social security financing on real gross domestic product in Nigeria. The data were collected from CBN statistical bulleting covering the period of 1986 to 2020. The study adopted ex-post facto research design and used various tests to establish the relationship among the variables under study. The findings show that Physical Security Financing (PHSF) has a positive coefficient of 29.312, with t-stat. value of 2.950. This relationship is observed to be significant as the test t-stat. is higher than the critical 2.5 value. Health Security Financing (HESF) show a positive and significant effect on Real Gross Domestic Product (RGDP), with a coefficient value of 66.954 with t-stat. value of 6.998. Also, Food Security Financing (FDSF) as observed has a positive effect on RGDP with a coefficient of 39.294. The effect is however found to be insignificant as the test t-stat. is lower than the critical 2.5 value. Furthermore, Social Security Financing (SOSF), has a positive and significant effect on RGDP with a coefficient value of 1.981and significant test t-stat. value of 3.1039 which is higher than the critical 2.5 value. It recommended that in order to achieve economic system soundness, security policy has to be precisely determined with clearly defined mandates among responsible stakeholders. Effective coordination with other policies is necessary.