Economic experts have raised alarms over the planned nationwide protests set to begin on August 1, 2024, cautioning that mismanagement could lead to devastating economic consequences. The Centre for the Promotion of Private Enterprise (CPPE) has projected a potential daily loss of N400bn if the protests escalate.
Dr. Muda Yusuf, Director/CEO of CPPE, disclosed in a statement on Sunday, “The protests could inflict an estimated daily loss of N400 billion if not properly managed. The consequences of such a huge loss for the country and the citizens would be very severe.”
The protests, orchestrated by various groups, aim to spotlight the country’s economic challenges, including high inflation, rising production costs, unemployment, and widespread hunger. However, experts fear that such demonstrations could lead to significant disruptions across key sectors of the economy, such as trade, commerce, manufacturing, and financial services.
“There is a high risk of shutdowns and disruptions in major sectors of the economy. This is in addition to risks to the lives and properties of innocent citizens and corporate bodies,” Yusuf warned.
The CPPE has called on protest organisers to collaborate with the police to ensure peaceful and orderly demonstrations and advised limiting the duration of the protests to a single day to prevent extended disruptions.
“Prolonged protests create opportunities for hoodlums, miscreants, and other criminal elements in the society to build momentum to unleash mayhem and destruction on the country,” Yusuf said.
The organisation also urged the administration to swiftly implement its economic stabilisation plan to ease production costs and mitigate inflationary pressures, aiming to alleviate the underlying economic frustrations driving the protests.
