The Lagos Chamber of Commerce and Industry has said Nigerian economy may have lost about N700bn to the #EndSARS protests in the last 12 days, having disrupted business activities, especially in the urban centres.
The LCCI President, Mrs Toki Mabogunje, disclosed this in a statement released in Lagos on Monday, and the statement was titled, ‘LCCI press release on the economic implications of EndSARS protest.’
Mabogunje noted that the protests had negative impact on business activities across the country, stating that urban centres were the worst hit.
She said, “The LCCI appreciates the value of citizens’ engagement and the demand for accountability which the EndSARS protest essentially represents.
“These are in consonance with democratic norms. They also form vital ingredients for good governance.
“Over the past twelve days, economic activities have been crippled in most parts of the country and has been particularly profound in the urban areas.
“The Nigerian economy has suffered an estimated Seven Hundred Billion Naira (₦700bn) loss in the past twelve days.”
Mabogunje agreed that the protests had achieved some significant outcomes and reawakened the need to reform the shortcomings in Nigeria’s political governance, but recommended that the protesters dialogue with the government.
She added that this became necessary in order to reduce the massive disruptions, blockades and barricades around our major cities and interstate highways.
“These actions have been at great cost to the economy and the welfare of Nigerian citizens. It should be noted that our economy is still reeling from the shocks of the Covid-19 Pandemic and struggling to recover from its devastating effects,” she said.
Mabogunje, however, advised President Muhammadu Buhari to as a matter of urgency meet with the leadership of the #EndSARS to deliberate on the way forward and to agree on an action plan for the delivery of agreed outcomes.