Nigeria may lose N400bn daily, says CPPE

A planned nationwide protest, scheduled to commence on August 1, 2024, has sparked concerns among economic experts, who warn of devastating consequences if not properly managed.

The Centre for the Promotion of Private Enterprise has cautioned that the protests could inflict an estimated daily loss of N400bn, with severe consequences for the country and its citizens.

The Director/CEO of CPPE, Dr. Muda Yusuf, disclosed this 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,” he said.

The protests, organised by various groups in the country, are aimed at drawing attention to the country’s economic woes, including high inflation, production costs, unemployment and hunger.

However, 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.

“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 urged the protest organisers to cooperate with the police to ensure peaceful and orderly protests and advised that the duration of the protests should be short, possibly one day.

“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,” he said.

The organisation has also urged the administration to implement its economic stabilisation plan to ease production costs and reduce inflationary pressures.