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Nigeria loses N700 billion as ENDSARS protests persist

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The Nigerian economy has lost nothing less than N700 billion, in the last 12 days, as a result of #EndSARS protests around the country. The President, Lagos Chamber of Commerce and Industry, Mrs Toki Mabogunje, made this known while discussing the economic implications of the protest in Lagos.

Mrs. Mabogunje recognized the value of the approach taken by citizens to demand for accountability, she expressed concern over the negative impact on the economy.

“LCCI is however concerned about the negative impact that the protracted nature of the EndSars protests has on business activities across the country.

“Over the past twelve days, economic activities have been crippled in most parts of the country and has been particularly profound in the urban areas.

“The Nigerian economy has suffered an estimated seven hundred billion naira (N700 billion) loss in the past twelve days.”

The impact of the protests has been profound and has achieved significant outcomes, she said. It has also reawakened the need for review of some perceived shortcomings of Nigeria’s political set up.

She said, in as much as the protests are needed to send home grievances of citizens, livelihoods of Nigerians, including the business community need to be given cognizance. Nigerians have need for earning livelihoods which these protests are apparently curtailing. The protests need to progress to civic engagement. There is a need for dialogue.

“This is necessary to reduce the massive disruptions, blockades and barricades around our major cities and interstate highways.  These actions have been at great cost to the economy and the welfare of Nigerian citizens. It should be noted that our economy is still reeling from the shocks of the Covid 19 Pandemic and struggling to recover from its devastating effects,” she added.

LCCI, therefore, proposes: “That President Muhammadu Buhari should urgently grant audience to the leadership of the protest to deliberate on the way forward and to agree on an action plan for the delivery of agreed outcomes.

“That the government should commit to rapid improvement in governance quality and accountability by effecting necessary institutional, policy and regulatory reforms not only for the police but the entire public sector ecosystem.

“The leadership of the protest should occupy the seats provided to participate in the reforms to be implemented by government in response to their demands.”

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