Nigeria lost N700bn to #EndSARS protests in 12 days – LCCI

Nigerian economy may have lost about N700bn to the #EndSARS protests in the last 12 days, Lagos Chamber of Commerce and Industry has said.

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

The statement is titled, ‘LCCI press release on the economic implications of EndSARS protest’.

Mabogunje 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.”

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 has reawakened the need to reform the shortcomings in Nigeria’s political governance.

She recommended that the protesters dialogue with the government.

This, according to Mobogunje, 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.

She advised President Muhammadu Buhari to urgently grant audience to the leadership of the #EndSARS to deliberate on the way forward and to agree on an action plan for the delivery of agreed outcomes.

Mobogunje urged the government to commit to rapid improvement in governance quality and accountability in the police and public sector.