#EndSARS: Nigeria Lost N700b In 12 Days Over Protests – LCCI – Tosinaija.com


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#EndSARS: Nigeria Lost N700b In 12 Days Over Protests – LCCI


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

President, LCCI, Mrs Toki Mabogunje, said this while reviewing the economic implications of the protest in a statement made available to Vanguard.

She noted that LCCI appreciates the value of citizens’ engagement and the demand for accountability which the protest represents, but lamented the negative impact on the economy.

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.”

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

President, LCCI, Mrs Toki Mabogunje, said this while reviewing the economic implications of the protest in a statement made available to Vanguard.

She noted that LCCI appreciates the value of citizens’ engagement and the demand for accountability which the protest represents, but lamented the negative impact on the economy.

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.”

She asserted that the protest has been impactful and profound, adding that it has achieved some significant outcomes by reawakening the need to reform the shortcomings in the nation’s political governance.

The LCCI president however said that to protect the livelihoods of Nigerians, including the business community, the protesters need to progress to the next stage of civic engagement, which is dialogue.

“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,” she added.

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Ebonyi state governor, David Nweze Umahi, has banned police road blocks across the state.

Umahi who made the announcement while addressing #EndSARS protesters on Monday October 19, stated that his administration would no longer tolerate extortion and brutality on the people by police personnel in the state.

He urged the protesters to remain peaceful as they have by their actions, achieved much for themselves, the state and the country.

Umahi said;

“We will only accept a situation where security personnel stay by the road side, stop and check any vehicle they suspect after which the person goes.

“Resist any policeman who asks you for money and call me on phone because enough is enough.

“I want to assure that as far as I remain the Governor of Ebonyi state, nobody is going to molest you. You are fighting for your rights, you are fighting for your children, and you are fighting for your future.

“So, what you are doing is constitutional but you must be orderly to get something out of it. On the issue of activities of police at the Ekeaba police station, we are going to address it.

“You demanded a judicial panel of inquiry, we will set it up tomorrow. The members will be from high court judge, you will deliver two people to be members of a judicial panel of inquiry.

“There will be one youth representative, one student representative, there will also be a representative of the police and then representative of human right and then one person from the office of the Attorney-General”.

“They will seat and investigate the spate of police brutality, human rights violation, and related extra-judicial killings. They will also recommend compensations.

“There will be a trust fund set under me where the panel of inquiry is expected to collect complaints with the victims of police brutality, we will collect those complaints and then pay compensations.

“There will also be a special committee and human rights committee comprising the Governor to check the excesses of police.

“Security agencies shall be members, those on tactical units of the police shall be members, representative of the youths, and top representative of civil society organizations shall be members too. We are going to have immediately, human rights commission office for easy access to human rights complaints.”

On school resumption, Governor Umahi said the state university will resume on Wednesday in the state.

He added;

“Any lecturer who doesn’t show up to class on that day will be sacked.”

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