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Nigeria’s Economy Hit by N500 Billion Loss Due to Protests

Despite stern warnings, threats, and pleas from the Federal Government, National Assembly, State governments, security agencies, and some Organized Private Sector (OPS) groups to postpone the planned nationwide protests, several business activities were undeniably disrupted and halted by the #EndBadGovernanceInNigeria# protesters in major cities across the country. Businesses remained closed due to fears of retaliatory attacks by the protesters.

An investigation by New Telegraph revealed that many businesses did not open for operations as business owners, particularly MSMEs, manufacturing companies, ICT centers, petrol stations, and other key players in the nation’s economy, were gripped by fear.

Economic experts predicted that the country’s economy might have lost over N500 billion in just one day due to the protests, as key sectors of the economy were unable to open for business due to fears of looting, lynching, and destruction of office complexes.

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New Telegraph reported that many key businesses had to employ stern-looking security agencies to protect their operations during the #EndBadGovernanceInNigeria# protests nationwide. Targets included warehouses, phone accessories and sales, pharmaceutical companies, banks, automobile shops, electronics shops, and other businesses, as hoodlums disguised as protesters joined the demonstrations in major cities across the country.

New Telegraph

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