Victor Ezeja
Nigeria may encounter huge economic losses of about ₦4 trillion if the proposed nationwide protest is not properly managed, says Dr Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE).
Prime Business Africa reports that the nationwide protests being organised by Nigerian youths is scheduled to take place from 1st to 10th August, 2024 in response to the rising cost of living and economic hardship in the country.
Join our WhatsApp ChannelIn a statement released on Sunday, 28th July, Dr Yusuf expressed concerns that the protests portend grave dangers for an economy which is already troubled. “The protests could inflict an estimated daily loss of ₦400 billion, if not properly managed,” Yusuf stated.
₦400 billion by 10 days that the proposed nationwide protests will last amounts to ₦4 trillion.
“The consequences of such a huge loss for the country and the citizens would be very severe,” the CPPE CEO noted.
He pointed out that the protests could lead to shut down and disruption of activities in major sectors of the economy. “These include trade and commerce, manufacturing, entertainment, transportation, logistics, financial services, hospitality industry, agriculture, aviation, ICT, and construction sectors.
“This is in addition to risks to lives and properties of innocent citizens and corporate bodies. Safety of government assets are also at risk,” he added.
The former director general of the Lagos Chamber of Commerce (LCCI), commended the Inspector General of police for acknowledging the rights of the citizens to protest and offering to protect genuine protesters.
The Centre pleaded with the organisers of the protests to cooperate with the police to make the planned protests peaceful and orderly.
It also advised the protesters not to give room for elements with criminal intent to use the opportunity to cause pain to innocent citizens, corporate organisations and destruction of public assets.
“It is in the overall interest of all for this to happen. Peacefulness of a protest does not detract from the potency of its messaging,” it stated.
CPPE also advised that the duration of the protests should be short, possibly one day, stressing that experience has shown that the longer a protest, the more chances of it degenerating into anarchy.
“Prolonged protests create opportunities for hoodlums, miscreants and other criminal elements in the society to build momentum to unleash mayhem and destruction on the country.”
Informal Sector Employees May Suffer Most
The Centre also warned that the employees in the informal sector may suffer consequences of disruptions that might arise during the protest as they depend on daily income to survive.
“Over 90% of employed Nigerians are in the informal sector. Employees in this space are dependent on daily income and any disruption to their economic activities beyond 24 hours could snowball into a major social unrest. This underlines the country’s vulnerability to prolonged protests.”
It also urged the Tinubu’s administration to expeditiously implement its economic stabilisation plan to ease production costs and ultimately reduce inflationary pressures on the economy, noting that trade costs are still very high and “needs to be drastically reduced across board in a manner that would not undermine domestic production.”
“High cargo clearing cost is a major factor driving inflation which needs to fixed urgently. Revenue drive should be managed in a manner that does not impose additional pressures on citizens and corporate bodies.”
While highlighting other measures to tackle inflation, CPPE emphasised the need for the government at all levels to prioritise what it called “fiscal frugality and transparency” and maintaining narratives and actions “that reflect the current economic conditions.”
“These are essential to earn the confidence of the generality of the people,” the Centre added.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
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