The Centre for the Promotion of Private Enterprise has warned that the planned nationwide protests could cause an estimated daily loss of N400bn, with grave consequences for the country and its citizens.
Experts voiced concerns that the protest slated to commence on August 1, 2024, could have dire implications if not handled appropriately.
This was disclosed in a statement by the Director/CEO of CPPE, Dr. Muda Yusuf on Sunday, according to The Punch.
Yusuf said “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.”
protests, organised by several groups in the country, are aimed at drawing attention to the country’s economic woes, including high inflation, production costs, unemployment and hunger.
Economic analysts worry that the protests would cause manufacturing, financial services, trade and commerce, and other important economic sectors to close or experience significant disruptions.
“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 centre has also suggested that the administration put its economic stabilisation plan into action to lower manufacturing costs and lessen inflationary pressures.
