The Centre for the Promotion of Private Enterprise (CPPE) has warned that the planned protest from August 1-10 could result in daily economic losses of approximately N400 billion if not properly managed.
In a statement released on Sunday, CPPE Director Muda Yusuf emphasized the significant threat this protest poses to Nigeria’s already fragile economy. He cautioned that the demonstration could provide a platform for individuals with criminal intentions, potentially causing harm to innocent citizens, businesses, and public infrastructure.
CPPE urged President Bola Ahmed Tinubu’s administration to swiftly implement its economic stabilization plan to lower production costs and reduce inflationary pressures. Yusuf highlighted the severe consequences of the protests, including shutdowns and disruptions in key economic sectors such as trade, manufacturing, entertainment, transportation, logistics, financial services, hospitality, agriculture, aviation, ICT, and construction.
“The proposed nationwide protests portend grave dangers for an economy which is already in a very fragile state. The protests could inflict an estimated daily loss of N400 billion, if not properly managed,” Yusuf stated. “The consequences of such a huge loss for the country and the citizens would be very severe. There is a high risk of shutdowns and disruptions in major sectors of the economy.”
He also noted the potential risks to lives, properties, and government assets, stressing that prolonged protests could lead to significant social unrest, especially since over 90 percent of employed Nigerians work in the informal sector and rely on daily income.
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