EndBadGovernance: How protests shut down nation's economy in 10 days

The nationwide protests against bad governance have brought the country's economy to a grinding halt, with the effects of the shutdown being felt across various sectors.

The 10-day standoff has resulted in a complete paralysis of economic activity, with businesses shut down, markets closed, and industries grinding to a halt. The once-thriving streets are now deserted, with the sounds of chanting and slogans replacing the usual hustle and bustle of commercial activity.

The economic shutdown has had a devastating impact on the country's revenue, with billions of dollars lost in just 10 days. 

According to Doris Nkiriuka Anite, Nigeria's Minister of Industry, Trade and Investment, the unrest was costing the economy more than 500 billion naira ($324.68 million) a day.

Also, the manufacturing, construction, and agriculture industries have all come to a standstill, resulting in losses for companies and workers. Small and medium-sized enterprises, SMEs, which are the backbone of the economy, are struggling to stay afloat, with many forced to close temporarily or permanently.

The tourism industry, which is a significant contributor to the country's GDP, is also suffering, with cancellations of flights, hotel bookings, and tourist visits.

The informal sector, which employs a significant portion of the population, is severely affected, with traders and vendors unable to sell their goods.

Recall that Adewale Oyerinde, the head of the Nigerian Employers' Consultative Association, has previously disclosed that the protests would have a longer-term impact.

He said, "When you stall the production process, businesses cannot produce, they cannot sell, and the shock feeds back into the economy. If things are destroyed, they will still have to find resources to repair them."

Meanwhile, Former President Olusegun Obasanjo has cautioned the Federal Government to take the concerns of the youth seriously, emphasizing that their nationwide protests are driven by legitimate demands. 

He warned that failure to address these demands promptly could lead to severe consequences.

“You are what you are today because you’re a Nigerian; I’m what I am also because I’m a Nigerian. So why should they be Nigerians and be languishing in poverty?

“They make demands and we’re not listening to them. Many of them are frustrated, desperate, angry and unemployed. What do we expect?” he queried.

Obasanjo noted that for Nigeria to attain its highest status, all hands must be on deck, just as “our mentality should also change."

However, Vice President Kashim Shettima has reaffirmed President Bola Tinubu's commitment to empowering Nigerian youths, stating that the administration holds them in high regard. 

He said, “I want to assure you that President Bola Tinubu has the best interest of the youths at heart.

“Tinubu has demonstrated this in most of the programmes that this administration is doing and has undertaken to do.”

Nonetheless, the clock is ticking, and every day that passes without a resolution means more economic pain and suffering for the nation. The country's economic future hangs in the balance, and it is imperative that the government and protesters find a way to resolve their differences and get the economy back on track, as the consequences of inaction will be severe, with potential long-term damage to the country's economy and reputation.