Thursday, May 19, 2022

#EndSARS: Nigeria lost N700bn to protests – LCCI

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Rayyan Alhassan
Rayyan Alhassan is a graduate of Journalism and Mass Communication at Sikkim Manipal University, Ghana. He is the acting Managing Editor at the Daily Nigerian newspaper, a position he has held for the past 3 years. He can be reached via [email protected], or, or @Rayyan88 on Twitter.
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The Lagos Chamber of Commerce and Industry, LCCI, says the Nigerian economy has lost about N700bn to the #EndSARS protests in the last 12 days.

The LCCI President, Toki Mabogunje, in a statement on Monday, expressed concern over the negative impact of the #EndSARS demonstrations on business activities across the country.

In a statement titled ‘LCCI press release on the economic implications of EndSARS protest’, the group demanded accountability which the EndSARS protest essentially represents.

The statement read: “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 have been particularly profound in the urban areas.

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“The Nigerian economy has suffered an estimated Seven Hundred Billion Naira (₦700bn) loss in the past twelve days,” Mrs Mabogunje said.

She noted that the #EndSARS demonstrations had been impactful and profound, adding that it had the power of the people and the potency of the energy of the youth to bring about change.

According to the LCCI president, the protests have achieved some significant outcomes and have reawakened the need to reform the shortcomings in Nigeria’s political governance.

She, however, recommended that the protesters dialogue with the government.

This, according to Mrs Mobogunje, is necessary to reduce the massive disruptions, blockades and barricades around our major cities and interstate highways.

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“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 added.

She called on President Muhammadu Buhari to urgently grant audience to the leadership of the #EndSARS to deliberate on the way forward.

She also called on the Nigerian government to agree on an action plan for the delivery of agreed outcomes, as well as commit to rapid improvement in governance quality and accountability in the police and public sector.

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