Nigeria’s Fragile Economy Faces Estimated Daily Loss of N400,000 Due to Planned Hardship Protest

A planned nationwide protest in Nigeria, scheduled to take place from August 1 to 10, could result in a staggering daily loss of N400,000 (approximately $800,000) if not properly managed, according to the Centre for the Promotion of Private Enterprise (CPPE).

The CPPE, an economic think-tank group, has warned that the protest poses a grave danger to Nigeria’s already fragile economy. In a statement on Sunday, CPPE Director Muda Yusuf urged the organizers of the protest to refrain from offering a platform for criminal elements who may have ulterior motives to harm innocent citizens and corporate organizations.

The CPPE also called on the government to expedite the implementation of its economic stabilization plan to ease production costs and reduce inflationary pressures. The group warned that the consequences of a prolonged protest could be severe, including shutdowns and disruptions in major sectors of the economy, such as trade and commerce, manufacturing, and transportation.

According to the CPPE, over 90 percent of employed Nigerians are in the informal sector, and any disruption to their economic activities beyond 24 hours could snowball into major social unrest. This highlights the country’s vulnerability to prolonged protests.

The planned protest, organized by the Take It Back Movement, aims to address the rising cost of living and hardship in Nigeria. The movement has written to the Nigeria Police Force and the Department of State Service seeking protection during the protest. However, the Inspector General of Police, Kayode Egbetokun, has asked protesters to provide details as a condition to ensure protection.

In the weeks leading up to the protest, there have been calls for and against the planned demonstration. The outcome of the protest remains uncertain, but the CPPE’s warning highlights the potential economic consequences of a poorly managed protest.