The Minister of Industry, Trade and Investment, Dr. Doris Uzoka Anite has stated that the economic sabotage from the ongoing EndBadGovernance protest is worth N500 billion.
In a post shared on her official X handle, she lamented the deaths because of the protest and other damages caused by the protests.
According to her post, around N52 billion worth of goods were destroyed while the death toll from the protest had reached 21.
She noted that the lootings from the protest are a setback to businesses and entrepreneurs across the country.
She said, “The loss of lives during the protests is saddening. My thoughts are with the families affected. The looting, resulting in billions lost, is a severe setback for our economy and entrepreneurs. Let’s honour those we’ve lost by striving for more peaceful and constructive dialogue.”
Backstory
The #EndBadGovernance protest started on the 1st of August with protesters calling on governments to address the worsening state of the cost of living in the country.
Inflation in the country surged to 34.19% in June 2024, marking the highest level in 28 years, with approximately 32 million people projected to be facing severe food insecurity.
In response, the federal government has introduced a series of interventions, including cash transfers and food distribution to the most vulnerable households, while assuring the public that stability will be achieved in the short term if more time is granted.
While the beginning days of the protest were peaceful, it descended into violence in some northern states leading to the destruction of businesses, deaths and properties.
Governors of some states- notably Plateau, Kaduna had to declare curfews in some towns and cities to quell the rising spate of violence accompanying the protest in those places.
Seven days into the protest, President Tinubu addressed the nation calling on youths across the country to end the bloodbath.
He recognized the economic challenges brought on by the removal of subsidies but stressed that the government is actively working to implement plans for a better future.
President Tinubu urged Nigerians to have faith in the government’s commitment to fulfilling its promises and prioritizing their well-being.
He assured them that these hardships would be overcome, positioning Nigeria to take advantage of future opportunities and achieve greater success.
However, that didn’t end the demonstrations as it took a different turn in the north with the protesters waving Russian flags- a move that impugned Nigeria’s sovereignty.
Impact of the protest on businesses
- The protest led to the shutdown of business activities across the country with banks, offices, and markets, and in some states, transport activities were curtailed.
- However, the protest lost steam in the southern parts of the country after the President’s address but the recovery for business activities was tepid.
