▪︎People protest against hardship on the street of Lagos, Nigeria, Thursday, Aug. 1, 2024. Thousands of mostly young people poured onto the streets across Nigeria on Thursday as they protested against the country’s worst cost-of-living crisis in a generation. Security forces fired tear gas to disperse some of the protesters in the capital, Abuja. (AP Photo/Sunday Alamba)
The Association of Small Business Owners of Nigeria (ASBON), and the Kano Chamber of Commerce and Industry ( KACCIMA) say businesses in three Nigerian cities alone (Lagos, Kano and Abuja) lost over N700 billion in the first five days of the ongoing #EndBadGovernance protest against hardships.
They said that while N600 billion was recorded in Lagos, Kano lost over N100 billion.
Commenting on the development , the former Deputy President, Kano State Chamber of Commerce, Mines and Agriculture, KACCIMA, Usman Darma, said losses incurred in the state within the five days of the protest was well over N100 billion.
He said: “70 percent in the state are into commerce and business, while 25 pe cent of neighbouring African countries trade with Kano.
“With the current situation, businesses have been shut down. Kano State is the worst hit. So, aside from looting and vandalism of properties, the state incurred losses of over N100 billion minimum within the five days.’’
Similarly, the President of Nigeria’s largest grain market, Dawanau, Muntaka Isa, put the losses incurred by the market from the commencement of the protest till date at over N2 billion.
Recovering from protests’ll be difficult —Abuja Chamber of Commerce.
In the same vein, Abuja Chamber of Commerce and Industry, ACCI, said yesterday it would be difficult to recover from losses suffered by businesses in the Federal Capital Territory, FCT, as a result of the ongoing protest.
The Director-General of the chamber, Mr. Agabaidu Jideani, said although the financial figures of losses had not yet been put together, it ran into hundreds of million of naira.
He said: “The Federal Capital Territory, FCT, has experienced significant financial losses due to the recent #EndBadGovernance protests, with costs running into hundreds of millions of naira.
“The demonstrations led to the shutdown of major business areas, such as markets and shopping malls in the city and were marred by attacks from hoodlums, resulting in extensive property damage, looting of closed shops, and increased security expenses.
“Particularly, affected were businesses in Lugbe axis and Mararaba area of Abuja, which reported incidents of vandalism and looting by miscreants.”
Jideani, who expressed concern over the substantial losses incurred, added: “The cost of repairing the damage in the affected areas will place a significant burden on business owners, especially given the current challenges to business growth. Recovering from this setback will be difficult.’’
He said ACCI had taken a proactive stance before the protests, with its President, Chief Emeka Obegolu, issuing a statement urging calm and vigilance.
Chief Obegolu’s statement was a call for restraint and caution, aiming to protect the business community, which often becomes a target during protests,” he added.
While highlighting the significant disruptions caused to the business community in Abuja, Jideani said “businesses, ranging from small local shops to larger corporations, were forced to halt operations, leading to a substantial loss of revenue.