Home Business #EndSARS Protest Cost Nigeria N700bn in 12 Days, Says LCCI

#EndSARS Protest Cost Nigeria N700bn in 12 Days, Says LCCI

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The Lagos Chamber of Commerce and Industry (LCCI) disclosed that Nigeria has lost more than N700 billion in economic value since the #EndSARS protests started 14 days ago.

This disclosure was contained in a statement by the LCCI, through the Chambers President, Toki Mabogunje.

According to Mabogunje, LCCI uncovered that the Nigerian economy has suffered an estimated ₦700 billion loss in the past twelve days.

She explained that the peaceful protest has started to witness various unintended outcomes, despite its positive and noble objectives.

She emphasized that these unintended outcomes coming from the frustration of the youths, have been at great cost to the economy and this continues to create bottlenecks and disruptions to businesses and the economy in general.

The ongoing protest by Nigerian youths against police brutality has entered the thirteenth day, and this development has adversely affected the economy of states across the country, as protesters continue to mount blockades and barricades around major cities and interstate highways.

However, as the protests induced-disruption continue to pile up on the economy, economists and financial experts have made an estimate that businesses in the country lose at least N10 billion daily since the commencement of the #EndSARS protests.

In like manner, Nairametrics reported that the Lagos State Government has lost at least N234million to the closure of tollgates since the commencement of the #EndSARS protests.

 

 

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