Business - Economy
Updated: October 20, 2020

Nigeria's Economy Crippled By ENDSARS Protest, As NGN700 billion Sinks

By Olalekan Fakoyejo
October 20, 2020
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Twelve days of protest has led to a loss of NGN700 billion, reflecting the impact of the ENDSARS protest on Nigeria's economy. This comes shortly after it was revealed that Nigeria's economy hub, Lagos State, lost about NGN234 million in revenue to the protest.

The ENDSARS protest has continued to cripple Nigeria's economy. The protest started two weeks ago and has gained international attention as youths continue to protest again Police brutality and killings of youths by defunct Police unit, Special Anti-Robbery Squad (SARS).

According to the Lagos Chamber of Commerce and Industry (LCCI) President, Toki Mabogunje, the economy has been negatively impacted while the youths are protesting for a just course.

Two Shocks Will Further Affect Nigeria's Economy Recovery

The country is still struggling to recover from the COVID-19 pandemic impact, and the ENDSARS protest has picked up from where the pandemic left off, by pummeling the country's revenue lower ahead of impending recession. The two shocks of COVID-19 pandemic and ENDSARS protest will increase the revenue problem of Nigeria, which had started before both events occurred.

While speaking about the current situation of Nigeria's economy, Mabogunje said, “The LCCI appreciates the value of citizens’ engagement and the demand for accountability which the EndSARS protest essentially represents.

“These are in consonance with democratic norms. They also form vital ingredients for good governance. Over the past twelve days, economic activities have been crippled in most parts of the country and has been particularly profound in the urban areas.

“The Nigerian economy has suffered an estimated Seven Hundred Billion Naira (N700bn) loss in the past twelve days. These actions have been at great cost to the economy and the welfare of Nigerian citizens.

"It should be noted that our economy is still reeling from the shocks of the Covid-19 Pandemic and struggling to recover from its devastating effects."