…Nigerians groan as businesses shut down
BY SAM OTUONYE
As Nigerians took to the streets to protest severe hunger and hardship, many businesses have continued to remain under lock and key, triggering economic losses on daily basis.
Government offices, Embassies, Banks, and other corporate offices, including markets have shut down operations since the protest began last Thursday, August 1.
Protesters have continued to loot banks, shops, smashed vehicles, Government and private offices, as youths took to major streets in different states to vent their anger over hunger and bad governance.
Specifically, on Thursday and Friday, there was almost a total shut down of businesses in the West and Northern regions, with low activities in the East where the protest was minimal.
As at yesterday Monday, many public and private offices, shopping plazas are yet to reopen for operations as the protest is planned to last for 10 days.
According to Dr. Paul Alaje, a financial and economic expert, has said that the economic losses ocassioned by the protest as a result of business closure is estimated at N350 billion daily. In other words, in five days the nation has lost about N1.75 trillion.
Alaje said about the consequence of the protest: “But it comes with costs. When people are not able to move, like what happened yesterday. At least the cost we are able to estimate is about N350 billion.”
Earlier on the day two of the protest, a Social Rights Group, Arewa Republic had said that the value of losses on goods was approximately N6.0 billion.
New National Star investigations have shown that petty traders, taxi drivers and other artisans are wailing over loss of daily income due to the lingering protest.
Petty traders who feed from the proceeds of daily sales, including taxi drivers across the country have continued to count their losses and lamenting the effect of the protest on their economy.