Economic experts have warned of devastating consequences if the planned nationwide protest, scheduled to commence on August 1, 2024, is not properly managed.
Specifically, Centre for the Promotion of Private Enterprise warned that the protests could inflict an estimated daily loss of N400bn, with severe consequences for the country and its citizens.
CPPE Director/CEO, Dr. Muda Yusuf, gave this warning 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,” Yusuf said.
The protests, organised by various groups in the country, are aimed at drawing attention to the country’s economic woes, including high inflation, production costs, unemployment and hunger.
But economic experts have expressed fears that the protests could lead to shutdowns and disruptions in major sectors of the economy, including trade and 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 lives and properties of innocent citizens and corporate bodies,” Yusuf warned.
CPPE urged the protest organisers to cooperate with the police to ensure peaceful and orderly protests.
It advised that the duration of the protests should be short, possibly one day.
“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.
CPPE also urged the President Bola Tinubu-led administration to implement its economic stabilisation plan to ease production costs and reduce inflationary pressures.
