The Nigerian economy has lost an estimated N700 billion in the past 12 days due to the ongoing #EndSARS protests, the Lagos Chamber of Commerce and Industry (LCCI) said in a statement on Monday, October 19.
1st News had reported that businesses were paralysed in Lagos after #EndSARS protests against police brutality entered week three.
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.”
Meanwhile, the Minister of Information and Culture, Lai Mohammed says it has received petitions from various groups dissociating themselves from the #EndSARS protest which has now turned violent.
Lai Mohammed disclosed this in Abuja on Monday at a forum.
He said the groups noted in the petitions that while the protest was genuine; it had lost its original purpose and intention.
“We have received petitions from various groups saying that they originally supported the #EndSARS protest; because they believed genuinely that they were speaking for all Nigerians.
“They said in the petitions that, in the last few days; they have also become victims of the protest and they could not go to work and market while many stores have been looted.
“This morning, we also read in the newspapers that one of the conveners of the #EndSARS has resigned on the ground that the protest has been hijacked from them.
“The leader said they are now getting directives and commands from abroad; and money is being sent whereas this is not what they stood for,’’ he said.