Economist Estimates Cost of Hunger Protest on Nigerian Economy, Gives Suggestion
- Nigerians are planning Nationwide protests to call on government attention to various issues in the economy
- The protest is expected to kick off on August 1, and already there have been demonstrations against the protest
- Muda Yusuf explained to Legit.ng that the planned protest could come at a cost to the Nigerian economy
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
As Nigerians plan to embark on a nationwide protest scheduled from Thursday, August 1, 2024, Muda Yusuf, director/CEO of the Centre for the Promotion of Private Enterprise (CPPE), has warned it could cost the Nigerian economy N400 billion daily.
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Yusuf explained to Legit.ng that the protest could severely affect an already fragile economy.
He warned that the protest also poses a threat to various sectors, including trade, manufacturing, entertainment, transportation, logistics, financial services, hospitality, agriculture, aviation, ICT, and construction.
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His words:
"The protests could inflict an estimated daily loss of N400 billion, if not properly managed."
Yusuf also expressed concerns over potential disruptions and shutdowns across these crucial sectors, warning of risks to both the lives and properties of citizens and corporate entities.
He pointed out Nigeria's economic vulnerability, especially in the informal sector, where over 90% of employed Nigerians depend on daily earnings.
He added:
"The safety of government assets is also at risk."
Yusuf on rights to protest
The economists, however, acknowledge the citizens' right to protest but warn that extended disruptions could escalate into significant social unrest.
He recommended keeping the protest duration brief, preferably limited to one day, citing past instances where prolonged protests led to chaos and increased criminal activities.
Hunger protest: Police deny restriction order
Legit.ng earlier reported that the police denied reports that IGP Kayode Egbetokun stated that every protest must end by 4 pm.
ACP Olumuyiwa Adejobi, the force's spokesperson, also denied the claim that the IGP declared a curfew ahead of the planned hunger protests.
Adejobi warned against violent protests, reminding Nigerians of the aftermath of the 2020 #EndSARS movement, during which police stations and other public facilities were attacked and looted.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
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Source: Legit.ng
