Nigerian Journal of Banking and Financial Issues (NJBFI)

Effect Of Insecurity On Business Development In The Transportation Sector In Ibadan, Oyo State

Abstract

This study explores the effect of insecurity on business development in the transportation sector in Ibadan, Oyo State. The objectives of this study were to identify the main types of insecurity that affect the transportation sector in Oyo state, find out the key challenges faced by transportation companies in managing insecurity in Oyo State; and examine how the identified challenges affect the ability of the transport sector to grow and develop in Oyo state. A descriptive survey research design was adopted for this study and the target population for this study include drivers and managers in five transport companies in Ibadan. A sample size of Twenty-five (25) respondents were selected using simple random sampling technique. Questionnaire was used as the research instrument to gather data as regarding the subject matter. The data collected where analysed using descriptive statistics of simple frequency count, percentage for the demographic information and the research questions. The study revealed that 25(100%) of the respondent all affirm that the various insecurity activities faced by transport company which hinders their development include robbery, vandalism, informal transportation and unregulated operators, kidnapping and abduction and attacks on transportation vehicles on road; lack of adequate security measures and infrastructure has hindered the growth of the sector.

This study highlights the urgent need for enhanced security measures, collaboration with law enforcement agencies, public awareness campaigns, training and capacity building.