Nigeria Loses N700bn – LCCI

The Nigerian economy has lost over N700 billion to the #EndSARS protest over the last 12 days, the Lagos Chamber of Commerce and Industry (LCCI) has said.

Mrs Toki Mabogunje, LCCI, President disclosed this in a statement made available to Gistongist.

While reviewing the economic implications of the protest Mabogunje stated that LCCI appreciates the value of citizens’ engagement and the demand for accountability which the protest represents, but lamented the negative impact on the economy.

In her words: “These are in consonance with democratic norms. They also form vital ingredients for good governance.

“LCCI is however concerned about the negative impact that the protracted nature of the EndSars protests has on business activities across the country.

“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 (N700 billion) loss in the past twelve days.”

She maintained that the protest has been impactful and profound, stressing that it has achieved some significant outcomes by reawakening the need to reform the shortcomings in the nation’s political governance.

The LCCI president however said that to protect the livelihoods of Nigerians, including the business community, the protesters need to progress to the next stage of civic engagement, which is dialogue.

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“This is necessary 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 added.

To this end, Mabogunje said LCCI therefore proposes: “That President Muhammadu Buhari should urgently grant audience to the leadership of the protest to deliberate on the way forward and to agree on an action plan for the delivery of agreed outcomes.

“That the government should commit to rapid improvement in governance quality and accountability by effecting necessary institutional, policy and regulatory reforms not only for the police but the entire public sector ecosystem.

“The leadership of the protest should occupy the seats provided to participate in the reforms to be implemented by government in response to their demands.”

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