The negative impact of the popular #EndSARS protests on the Nigerian economy is astronomical as it calculated to have cost the economy about N700 bn in just 12 days.

Lagos Chamber ofCommerce and Industry (LCCI) stated this in a news bulletin to show the impactof the social unrest and disobedience was costing the country.

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

 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 consonancewith democratic norms.  They also form vital ingredients for goodgovernance. “LCCI is however concerned about the negative impact that theprotracted nature of the EndSars protests has on business activities across thecountry.

 “Over the past twelve days, economicactivities have been crippled in most parts of the country and has beenparticularly profound in the urban areas.

 “The Nigerian economy has suffered anestimated seven hundred billion naira (N700 billion) loss in the past twelvedays.” She asserted that the protest has been impactful and profound, addingthat it has achieved some significant outcomes by reawakening the need toreform the shortcomings in the nation’s political governance.

 The LCCI president however said that toprotect the livelihoods of Nigerians, including the business community, theprotesters need to progress to the next stage of civic engagement, which isdialogue.

 “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 stillreeling from the shocks of the Covid 19 Pandemic and struggling to recover fromits devastating effects,” she added.

 To this end, Mabogunje said LCCI, therefore, proposes: “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.

People carry placards in continuation of ongoing demonstrations to call for the scrapping of the controversial police unit at Ikeja, on October 9, 2020. – Nigeria’s top police chief banned a controversial anti-robbery unit and other special agents from mounting roadblocks and carrying out stop-and-search operations over accusations of abuses. Inspector-General of Police Muhammed Adamu said the Federal Special Anti-Robbery Squad (FSARS) and other tactical squads must stop such operations “with immediate effect”. Adamu said the decision followed findings that “a few personnel” in undercover tactical squads have abused their position “to perpetrate all forms of illegality”. (Photo by PIUS UTOMI EKPEI / AFP)

 “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 the government in response to their demands.”