The Centre for the Promotion of Private Enterprise (CPPE) warns that widespread protests endanger Nigeria’s frail economy.
Muda Yusuf, the CPPE’s CEO, stated on Sunday that if the protests are not effectively controlled, they might result in an estimated daily loss of N400 billion.
According to recent rumours, a statewide demonstration would begin on August 1 in response to Nigeria’s rising living costs and economic difficulties.
Yusuf stated that such a significant loss would have far-reaching ramifications for the country and its population.
He added that there is a significant risk of shutdowns and disruptions in key economic sectors such as trade and commerce, manufacturing, entertainment, transportation, logistics, financial services, hospitality, agriculture, aviation, information and communications technology (ICT), and construction.
Also, the CEO warned of threat to lives and properties of innocent citizens and corporate entities, as well as the safety of government assets.
Speaking further, Yusuf praised the inspector general of police for recognising citizens’ rights to protest and promised to safeguard legitimate protestors.
He suggested that the protests be brief, lasting no more than a day.
He said:
“Experience has shown that the chances of protests degenerating into chaos and anarchy increases with the duration of the protests.”
“Prolonged protests create opportunities for hoodlums, miscreants and other criminal elements in the society to build momentum to unleash mayhem and destruction on the country.
“Over 90% of employed Nigerians are in the informal sector. Employees in this space are dependent on daily income and any disruption to their economic activities beyond 24 hours could snowball into a major social unrest. This underlines the country’s vulnerability to prolonged protests.”
