August 1 protest to cost Nigeria’s economy N400bn daily losses – CPPE

The Centre for the Promotion of Private Enterprise, CPPE said the planned 1-10 August hardship protest could cost Nigeria an estimated daily loss of N400,000 if not properly managed.

CPPE Director, Muda Yusuf disclosed this in a statement on Sunday, saying the protest posed a grave danger to Nigeria’s already fragile economy.

According to the economic think-tank group, the organizers of the planned protest should not offer a platform for elements in the country who have criminal intentions and whose agenda is to inflict pain on innocent citizens and corporate organizations and destroy public assets.

It also urged President Bola Ahmed Tinubu’s government to expeditiously implement its economic stabilization plan to ease production costs and ultimately reduce inflationary pressures.

“The proposed nationwide protests portend grave dangers for an economy which is already in a very fragile state. 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. “There is a high risk of shutdowns and disruptions in major sectors of the economy. These include trade and commerce, manufacturing, entertainment, transportation, logistics, financial services, the hospitality industry, agriculture, aviation, ICT, and construction sectors.

“This is in addition to risks to the lives and properties of innocent citizens and corporate bodies. The safety of government assets is also at risk.

“We cannot fix a problem by promoting such negative tendencies.

“Over 90 percent 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 major social unrest. This underlines the country’s vulnerability to prolonged protests”, CPPE stated.

DAILY POST reports that a group known as the Take It Back Movement announced a planned Nationwide protest amid the rising cost of living and hardship in Nigeria.

TIB movement, through its solicitor, Ebun-Olu Adegboruwa wrote to the Nigeria Police Force and the Department of State Service seeking protection during the protest.

Meanwhile, Inspector General of Police, Kayode Egbetokun had asked protesters to provide details as a condition to ensure protection.

In the last weeks, there have been calls for and counter for the planned protest.