Lagos: In the aftermath of widespread protests against inflation and economic hardships across Nigeria, businesses are grappling with significant financial losses. Michael Nwankwo, a clothing seller in Lagos, is one of many traders still assessing the impact of the unrest on his livelihood.
The protests, which began last Thursday and continued into the weekend, resulted in the deaths of at least 22 people, according to Amnesty International. While the demonstrations in Lagos, Nigeria’s commercial capital, were largely peaceful, the atmosphere of uncertainty led many businesses to close their doors as a precaution. Nwankwo, operating in the bustling Marina market, expressed his frustration, saying, “I can’t even begin to quantify the losses. Each day my shop is closed, I miss out on potential earnings.”
The economic repercussions of the protests are staggering. Nigeria’s Minister of Industry, Trade, and Investment, Doris Nkiriuka Anite, revealed on Saturday that the unrest is costing the economy over 500 billion naira ($324.68 million) per day.
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Adewale Oyerinde, head of the Nigerian Employers’ Consultative Association, warned that the protests would have a lasting impact on the economy. “When production is halted, businesses can’t operate, and this disruption reverberates throughout the economy. If property is damaged, additional resources will be needed for repairs,” he explained.
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The protests were sparked by an online campaign dubbed “#10DaysOfRage”, following the release of data showing that annual inflation had surged to a 28-year high of 34.19% in June. Although the protests subsided after a forceful police crackdown and a call for calm from President Bola Tinubu, the economic damage lingers.
