The Centre for the Promotion of Private Enterprise (CPPE) has raised concerns about the potential impact of nationwide protests on Nigeria’s delicate economy.
Muda Yusuf, the CEO of CPPE, stated on Sunday that if not properly managed, the protests could result in an estimated daily loss of N400 billion.
The nationwide protests, set to begin on August 1, are in response to Nigeria’s increasing cost of living and economic challenges.
Yusuf warned that such a significant loss would have severe consequences for both the country and its citizens.
He also highlighted the risk of disruptions across key economic sectors, including trade, manufacturing, entertainment, transportation, logistics, financial services, hospitality, agriculture, aviation, ICT, and construction.
Furthermore, the CEO cautioned about the threats to the lives and properties of innocent citizens and businesses, as well as the safety of government assets.
Yusuf commended the inspector general of police for recognizing the right to protest and offering protection for genuine protesters. He urged protest organizers to work with the police to ensure the demonstrations remain peaceful and orderly.
“Peacefulness of a protest does not detract from the potency of its messaging,” Yusuf said. “Organizers should not allow the protests to become a platform for criminal elements aiming to harm citizens, businesses, and public assets. We cannot solve problems by promoting negative tendencies.”
He suggested that the protests should be short, ideally lasting no more than one day, to reduce the risk of chaos and anarchy. Prolonged protests, he noted, could allow criminal elements to incite mayhem and destruction.
Yusuf emphasized that over 90% of employed Nigerians work in the informal sector and rely on daily income. Any disruption beyond 24 hours could lead to significant social unrest, underscoring the country’s vulnerability to prolonged protests.
Yusuf also urged the government to swiftly implement an economic stabilization plan to lower production costs and reduce inflationary pressures. He pointed out that trade costs remain prohibitive and need to be reduced without undermining domestic production. High cargo clearing costs, he added, are driving inflation and require urgent attention.
He recommended that revenue generation should be managed in a way that does not place additional burdens on citizens and businesses. Additionally, Yusuf stressed the importance of fiscal frugality and transparency in the public sector to earn the public’s confidence.
