Nationwide Protest Threatens Economic Stability, Experts Warn CPPE Estimates Daily Loss of N400bn If Protests Mismanaged
A planned nationwide protest set to begin on August 1, 2024, has sparked grave concerns among economic experts, who caution that mismanagement could lead to devastating financial consequences. The Centre for the Promotion of Private Enterprise (CPPE) has issued a stark warning, estimating that the protests could cause a daily loss of N400 billion, with severe repercussions for the country and its citizens.
Dr. Muda Yusuf, Director/CEO of CPPE, highlighted these concerns in a statement on Sunday. “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,” Yusuf stated.
The protests, organised by various groups across the nation, aim to draw attention to Nigeria’s economic challenges, including rampant inflation, soaring production costs, widespread unemployment, and escalating hunger. However, economic experts fear that the demonstrations could result in shutdowns and disruptions across key sectors of the economy, such as trade and commerce, manufacturing, and financial services.
“There is a high risk of shutdowns and disruptions in major sectors of the economy. This is in addition to risks to lives and properties of innocent citizens and corporate bodies,” Yusuf warned.
The CPPE has called on protest organisers to collaborate with the police to ensure peaceful and orderly demonstrations and suggested that the duration of the protests be limited to a single day. “Prolonged protests create opportunities for hoodlums, miscreants, and other criminal elements in society to build momentum to unleash mayhem and destruction on the country,” Yusuf cautioned.
The organisation has also urged the government to expedite the implementation of its economic stabilisation plan to alleviate production costs and reduce inflationary pressures.
