The Centre for the Promotion of Private Enterprise (CPPE) has issued a warning that the upcoming nationwide protests, scheduled to take place from August 1 to 10, could result in an estimated daily loss of N400 billion for Nigeria’s economy.
Dr. Muda Yusuf, Director and CEO of CPPE, emphasized the potentially devastating economic impact of the protests in a statement on Sunday. He urged the government to handle the situation with care to avoid significant financial consequences.
“The protests could inflict an estimated daily loss of N400 billion, if not properly managed. The consequences of such a huge loss for the country and the citizens would be very severe,” he said.
The planned protests, aimed at addressing the country’s widespread hardship, have already led to security alerts being issued by the United States, United Kingdom, and Canada. Traders and businesses fear looting and other forms of unrest, leading to increased concern over the potential economic fallout.
Economic experts fear that the protests could lead to shutdowns and disruptions in major sectors of the economy, including trade and commerce, manufacturing, and financial services.