Why aryl halides are very less reactive towards nucleophilic substitution reactions?
No, that is a very incorrect explanation for why (unsubstituted) aryl halides do not participate in nucleophilic substitution reaction. Conjugating effect between the halide substituent and the benzene ring is not responsible for this. The problem is that there is simply no available mechanism to perform the substitution:


$\ce{S_{N}2}$ is impossible since  inversion would give an incredibly weird strained ring (even more weird than a bridgehead carbon that is already forbidden by Bredt's rule).
$\ce{S_{N}1}$ would leave a very unstable empty $\ce{sp^2}$ orbital. This can happen, but only for the very best leaving groups, like $\ce{N2}$.
There is no electron stabilizing group that is conjugated with the halide group. This renders an addition-elimination type mechanism impossible.