Economists are concerned about a planned nationwide protest that is set to begin on August 1, 2024, and they warn of dire implications if not handled appropriately.
The protests might cause an estimated daily loss of N400 billion, the Centre for the Promotion of Private Enterprise has warned, with dire repercussions for the nation and its people.
In a statement released on Sunday, Dr Muda Yusuf, the Director/CEO of CPPE, revealed this.
If the protests are not controlled, they might cause an estimated N400 billion in losses every day. He stated that there would be dire repercussions for both the nation and its people in the event of such a significant loss.
Several national organisations planned the protests with the goal of bringing attention to the nation’s economic problems, which include high production prices, unemployment, hunger, and inflation.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.
Major economic sectors run a high risk of experiencing interruptions and shutdowns. Yusuf said, “This is on top of the risks to the lives and property of innocent citizens and corporate bodies.”In order to maintain peaceful and orderly protests, the CPPE has advised that the protests should be kept to a short period, perhaps one day, and has urged the protest organisers to work with the authorities in this regard.
Long-lasting demonstrations, according to him, provide thugs, miscreants, and other criminal elements in society the chance to gain momentum and wreak havoc across the nation.
In order to lower manufacturing costs and lessen inflationary pressures, the group has also suggested that the administration put its economic stability plan into action.