The Lagos Chamber of Commerce and Industry (LCCI) disclosed that Nigeria has lost more than N700 billion in economic value since the #EndSARS protests started 14 days ago.
This disclosure was contained in a statement by The Lagos Chamber of Commerce and Industry (LCCI), through the Chambers President, Toki Mabogunje.
Mrs Toki Mabogunje, uncovered that the Nigerian economy has suffered an estimated ₦700 billion loss in the past twelve days.
Mrs Mabogunje explained that the peaceful protest has started to witness various unintended outcomes, despite its positive and noble objectives.
She emphasized that these unintended outcomes coming from the frustration of the youths, have been at great cost to the economy and this continues to create bottlenecks and disruptions to businesses and the economy in general.
What you should know
The ongoing protest by Nigerian youths against police brutality has entered the thirteenth day, and this development has adversely affected the economy of states across the country, as protesters continue to mount blockades and barricades around major cities and interstate highways.
However, as the protests induced-disruption continue to pile up on the economy, economists and financial experts have made an estimate that businesses in the country lose at least N10 billion daily since the commencement of the #EndSARS protests.
In like manner, Nairametrics reported that the Lagos State Government has lost at least N234million to the closure of tollgates since the commencement of the #EndSARS protests.
What they are saying
The President of LCCI said that there is a great risk that the situation may degenerate into a case of the complete breakdown of law and order, which is certainly not in consonance with the objectives of the peaceful protests.
She urged President Muhammadu Buhari to grant audience to the leadership of the #EndSars to deliberate on the way forward and to agree on an action plan for the delivery of agreed outcomes.
Director-General, Lagos Chamber of Commerce and Industry (LCCI), Dr Muda Yusuf, said the protest is crippling businesses and economy, especially the Small and Medium Enterprises (SMEs). He explained that the SMEs live by daily income and the continued disruption of their businesses may lead to huge loss of income and business growth.
Dr Muda Yusuf emphasized that the earlier the government engages the protesters, the better for the economy. He advised that the President should dialogue with the protesters for a quick resolution.
However, the former President, Chairman of Council, Chartered Institute of Bankers of Nigeria (CIBN), Okechukwu Unegbu, said whatever the economy loses will be temporary and could be gained if the expected reforms are instituted. Unegbu said the level of economic activity, especially production, has been nosediving, and if the protests become successful, and policy recommendations are implemented, foreign investors will flood Nigeria with their capital.