Nigeria’s economy faced a significant setback, losing over N500 billion in just one day due to the nationwide #EndBadGovernance protest, according to a report.
Despite stern warnings, threats, and appeals by the Federal Government, National Assembly (NASS), state governments, security agencies, and some Organized Private Sector (OPS) groups to postpone the planned protests, numerous business activities were severely impacted. The #EndBadGovernanceInNigeria protesters, active in major cities across the country, led many businesses to remain closed out of fear of reprisals.
An investigation by New Telegraph revealed that many businesses did not open for operations as fear gripped business owners, particularly those in micro, small, and medium enterprises (MSMEs), manufacturing companies, ICT centers, petrol stations, and other key sectors of the nation’s economy.
Economic experts have predicted that the country may have lost over N500 billion in a single day due to the protests. These experts point to the widespread closures and the general public’s fear of looting, lynching, and destruction of office complexes as significant contributors to the economic downturn.
New Telegraph also reported that many key businesses employed the services of stern-looking security agencies to protect their operations during the protests. Targets included warehouses, phone accessory and sales shops, pharmaceutical companies, banks, automobile shops, electronics shops, and other businesses. Hoodlums, disguising themselves as protesters, added to the chaos in major cities across the country.
In the words of New Telegraph, “many businesses did not open for operations as fears gripped business owners,” highlighting the profound impact of the protests on Nigeria’s economy.
