Terrorism Financing: The Socio-Economic and Political Implications of Boko Haram Insurgency in Lake Chad Basin

Abstract

Various Scholars account for the actual date of the evolution of Boko Haram terrorist group. However, the sect came to prominence in 2009 following the death of its leader, Mohammed Yusuf in police custody. Aside from the police act and Mohammed Yusuf’s death, poverty, unemployment, lack of development, high level of illiterates, unkept electoral promises are identified as other reasons for the rise of Boko Haram insurgency. This study involves determination of socio-political and economic impact of Boko Haram insurgency on Lake Chad basin. To achieve this, mixed research method was employed in the study because both primary and secondary data are used. Many factors can be adduced as driving force that motivates Boko Haram activities in the region such as poverty, unemployment, illiteracy, under-development/ education defiency region and neglects by government. Finding in the study shows that lack of government support for armed forces and low moral; lack of government political will to fight the insurgency; political interest all contribute in recent time to the rise of terrorist activities in Lake Chad. Finding revealed that the increase in Boko Haram activities in recent time in the region have negatively impact on the socio political/economic activities and these is due partly to increase in terrorist financing. The study suggests therefore that government ability in Lake Chad basin to cut the sources of terrorist finance will significantly affect Boko Haram activities and attacks.

Keywords: Terrorism financing, Boko Haram, insurgency, Lake Chad Basin