Econophysics as a Panacea to Insecurity and Economic Challenges in Nigeria

Abstract

This paper aimed at reviewing the role of Econophysics in solving insecurity and economic challenges in Nigeria. Econophysics is a field in science designed to study the dynamic behavior of financial and economic markets. It is an interdisciplinary research field, where the tools of Physics are applied to understand the problem of economics. It is reviewed that “Insecurity is the state of fear or anxiety stemming from a concrete or alleged lack of protection.” It refers to lack or inadequate freedom from danger. This implies that insecurity is an absence of peace, order and security. Economic challenges include economic slow-down featuring low output, liquidity and unemployment. This has resulted to numerous bankruptcies, reduced amounts of trade and commerce as well as highly volatile relative currency value of fluctuations, mostly devaluations, financial crises and bank failure which results into high level of insecurity. The application of Econophysics education will help in proper organization, coordination and marketing of business which can enhance self-employment and consequently combat insecurity. Hence, recommendation was made that Econophysics education should be taught in our tertiary institutions for equipping and preparing students for Econophysical challenges with a bid to tackling the menace of global economic recession