Nigerian economy has lost about N700 billion to the #ENDSARS protests over the past twelve days, as business activities were grounded in several major cities across the country.
This is according to the Lagos Chamber of Commerce and Industry in a statement titled ‘LCCI press release on the economic implications of EndSARS protest’.
In the statement, LCCI President, Mrs. Toki Mabogunje, expressed concern about the negative impact of the protest on the Nigerian economy. Mabogunje however, noted that the protests have made some achievements and reawakened the need to reform the shortcomings in Nigeria’s political governance.
She also recommended that the protesters dialogue with the government and called for a reduction in blockades and barricades around major cities and interstate highways to allow for economic activities.
“The LCCI appreciates the value of citizens’ engagement and the demand for accountability which the EndSARS protest essentially represents, Mabogunje said.
“These are in consonance with democratic norms. They also form vital ingredients for good governance.
“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 (₦700bn) loss in the past twelve days,” she said.
“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.
She urged the government to commit to rapid improvement in governance quality and accountability in the police and public sector as well as deliberating on the way forward and to agree on an action plan for the delivery of agreed outcomes.
By; Ifunanya Ikueze