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Nigeria Loses N700 Billion in 12 Days to #EndSARS Protests – LCCI

The Lagos Chamber of Commerce and Industry (LCCI) said that the Nigerian economy has lost over N700 billion to the protests over the last 12 days.

In a statement made available to the press, the president of LCCI, Toki Mabogunje, revealed the implication of the EndSARS protest to the Lagos state economy.

She applauded the positive impact of the protest but however, said the 12 days protest has led to heavy economic loss in the country.

She also said it is necessary to reduce the massive disruptions, blockades and barricades around our major cities and interstate highways.

Mabogunje stated:

“These are in consonance with democratic norms. They also form vital ingredients for good governance.

“LCCI is however concerned about the negative impact that the protracted nature of the EndSars protests has on business activities across the country.

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 (N700 billion) loss in the past twelve days.”

“This is necessary to reduce the massive disruptions, blockades and barricades around our major cities and interstate highways. 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,”

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She added; That President Muhammadu Buhari should urgently grant audience to the leadership of the protest to deliberate on the way forward and to agree on an action plan for the delivery of agreed outcomes.

“That the government should commit to rapid improvement in governance quality and accountability by effecting necessary institutional, policy and regulatory reforms not only for the police but the entire public sector ecosystem.

“The leadership of the protest should occupy the seats provided to participate in the reforms to be implemented by government in response to their demands.”

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