Nigeria lost $ 700 billion in 12 days to #EndSARS protests – LCCI

Posted by on Oct 20, 2020, Under: News

Nigeria lost $ 700 billion in 12 days to #EndSARS protests – LCCI

Following the ongoing #EndSARS protest against police brutality in the country, which lasted up to 12 days, the country’s economy has suffered severely, losing more than $ 700 billion to protests, according to a statement released by the Lagos Chamber of Commerce and Industry (LCCI.

In a press statement, LCCI Chairman Toki Mabogunje revealed the impact of the EndSARS protest on the economy of Lagos State.

He welcomed the positive impact of the protest, but said the 12 days of the protest resulted in heavy economic losses in the country.

He also said there was a need to reduce massive destruction, blockades and barricades around our major cities and interstate highways.

Mabogunje said:

“This is in line with democratic norms. They are also vital ingredients for good governance.

“However, LCCI is concerned about the negative impact of the protracted nature of the EndSars protests on businesses across the country.

Over the past twelve days, economic activity has been paralyzed throughout most of the country and is particularly intense in urban areas. “The Nigerian economy has suffered an estimated loss of seven hundred billion naira (700 billion Naira) in the past twelve days.”

“This is necessary to reduce massive destruction, blockades and barricades around our major cities and interstate highways. These actions cost the economy and the well-being of Nigeria’s citizens dearly. It should be noted that our economy is still not recovering from the shocks caused by the Covid 19 pandemic and is trying to recover from its devastating consequences. “

She added; That President Muhammad Bukhari should urgently give an audience to the protest leaders to discuss next steps and agree on an action plan to achieve the agreed results.

“The government must strive to rapidly improve governance and accountability by implementing the necessary institutional, policy and regulatory reforms, not only for the police, but for the entire public sector ecosystem.

“The leaders of the protest must take the seats given to participate in the reforms that the government will implement in response to their requests.”


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