• Business - Companies
  • Updated: October 13, 2022

Flooding: Nigerian Businesses, Economy Lost Over N1 Trillion In Two Weeks, Expert Reveals

Idakolo Gbolade, MD/CEO SD & D Capital Management Limited, who spoke with Daily post on Wednesday revealed that the Nigerian economy and businesses have lost over N1trillion in two weeks to this year’s flooding.

He said, “The recent flooding affects most agrarian areas in Nigeria, thereby affecting the availability, and cost of food products.

“The flooding has affected Nigeria's economy and businesses greatly.

"Billions of businesses plying the Lokoja-Abuja road have been stranded for over 15 days now.

"For instance, Fuel Tankers using Lokoja road to supply Premium Motor Spirit (PMS) to North Central and Abuja have been held up in Lokoja because of the flooding crisis.

"This will no doubt affect businesses relying on fuel for energy.

“Also, Irish potatoes, tomatoes, pepper, onions, carrots, yams and other food Items have witnessed a sharp rise as a result of the flooding.

"The cost of transporting goods through alternative routes is higher, hence, the price increase.

“The Nigeria Economy and businesses have lost over N1trillion naira in two weeks to this year’s flooding crisis”, he stated.

According to the National Emergency Management Agency (NEMA), many houses have been submerged, a large chunk of dry land cut off, over 80 lives lost and 600,000 persons displaced due to the flood

Governor of Kogi State, Yahaha Bello said the flood crisis is a near-hell disaster.

He disclosed that Kogi State’s worst-hit Ibaji district is “100 per cent underwater” while calling for quick intervention.


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Felicia Abisola  Olamiji
Felicia Abisola Olamiji

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