Tuesday, March 28, 2023

#EndSARS: Nigeria loses N700 billion in 12 days: Official

Businesses on Monday were paralysed in Lagos, the commercial capital, after protests against police brutality entered week three.

• October 20, 2020
Naira Notes
Naira Notes (Photo Credit: Peoples Gazette/Ahmed Oluwasanjo)

The Nigerian economy has lost an estimated N700 billion in the past 12 days, the Lagos Chamber of Commerce and Industry (LCCI) said in a statement on Monday.

Businesses on Monday were paralysed in Lagos, the commercial capital, after protests against police brutality entered week three, Peoples Gazette reported yesterday.

While the Lekki-Epe Toll Gate and the alternative Lekki-Ikoyi Bridge were shut down Monday morning, protesters also barricaded roads leading to the international and local airports.

On Tuesday, the #EndSARS campaigners also blocked the entry and exit points into the Federal Capital Territory through the Umaru Musa Yar’Adua Expressway, which connects the city to the airport and neighbouring Kogi.

Speaking on the economic implication of the protests, the LCCI president Toki Mabogunje said the country’s economy has been hamstrung by the Covid-19 pandemic and is now being further bruised by the #EndSARS demonstrations.

“Over the past 12 days, economic activities have been crippled in most parts of the country and have been particularly profound in the urban areas,” Mrs. Mabogunje said in the LCCI statement.

“The Nigerian economy has suffered an estimated Seven Hundred Billion Naira (N700bn) loss in the past twelve days. These actions have been at great cost to the economy and the welfare of Nigerian citizens.”

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