Introduction Governments all over the world set structures that enable their economy to either grow or be sustained, while also paying attention to the maintenance of peace and order, as well as ensuring the security of lives and property and food. Despite the use of environmental accounting to curtail most of the environmental issues that ranges from environmental degradation to environment restoration in order to avoid unnecessary conflict among stakeholders and also insecurity of lives and property, (Igweonyia, 2016), there is the need to promote a sustainable environment by accounting for peace. Ellawule (2018) opined that measuring a country's economic performance has gone beyond the country's Gross Domestic Product (GDP) or Gross National Product (GNP), which only measures economic growth. The measurement of the level of human development through the use of Gross National Product (GNP) for different countries was first criticized by the pioneer United Nation Report of 1954 in which for standard of living was made. The level of development is reflected by openness to international trade, levels of per capita GDP, and urbanization. According to Dialoke and Edeja (2017), economic development is a concept involving two or more variables; hence, there is no single acceptable definition of it. Economic development is a process where low income national economies are transformed into modern industrial economies. It involves qualitative and quantitative development in a country's economy. Political and social transformations are also included in the concept of economic development in addition to economic changes. World Bank (2018) noted that a holistic development that considers material conditions and quality of life tells a more complex story. Arnold, (2011), stated that Economic development is related to improvement in the quality of life of people through the introduction of better packaged goods and services using recent technology and infrastructural development, reduction of risk and dynamics of innovation and entrepreneurship. The Newly Industrialized Countries have been able to achieve economic prosperity mostly due to their peaceful operational environment. Any one cannot dispute the argument