EndSARS protests: Economy loses N54bn daily under curfew – Greenwich Bank
…Assets replacement cost in Lagos put at N1trn
…Results will manifest in GDP—Prof Uwaleke
…N1trn lost to firms – Investment banker
…Jobs losses, poverty to escalate — Analyst
At the backdrop of the destructions of public and private properties and businesses in the wake of the #EndSARS protests, businesses have been counting their losses while economy experts have listed the immediate challenges the crises have thrown up against Nigeria’s struggling economy.
Also replacement cost to Lagos State Government, which is the worst hit by the crises, has been put at N1 trillion, while overall cost to the private businesses have been put at several billions of US Dollars.
According to industry executives and economists the result will manifest in fall in real Gross Domestic Product, GDP, to around 6.91 percent year-on-year, deepening the projected economic contraction this year, disruptions in supply chain and faster rise in inflation.
Other fall outs listed include, widening of fiscal deficit as government is bound to incur extra budgetary expenditure to fix damaged infrastructure, further borrowing and worsening of the nation’s debt burden, further rise in the overall level of poverty and unemployment, reduction in foreign investments, more pressure in the foreign exchange market.
Speaker of the House of Representatives, Hon. Femi Gbajabiamila, on a fact finding visit to Lagos yesterday said the Governor of Lagos State, Babajide Sanwo-Olu, had told him the state may spend up to N1.0 trillion to fix the damages done to infrastructure in the state by the protesters.
He also added that the government would be supported by the legislature to compensate private citizens affected by the destructions.
He stated: “The House of Representatives will do all it can to compensate all those who suffered brutality including policemen that lost their lives in the process.
“Also whatever the house can do in rebuilding Lagos and other states it will do. We are now in a state of reconstruction. What must be done will be done.
“I learnt from the governor of Lagos State that it will take N1.0 trillion to rebuild what had been lost and I asked him what is the budget size of the state he said about N1.0 trillion. You can see we are moving backward.
