Nigeria Protests: Economist Warns of Economic Costs, Calls for Dialogue

In the midst of widespread protests against the Nigerian government’s policies, a leading economist has warned of the devastating economic costs of the demonstrations. Paul Alaje, chief economist at SPM Professionals, told Channels Television that the country loses a staggering N350 billion daily due to the ongoing #EndBadGovernance protests.

The protests, which entered their second day, saw thousands of Nigerians take to the streets to decry a severe cost of living crisis and bad governance. Despite warnings from authorities, the protesters remained defiant, with reports suggesting that over a dozen people were killed on Thursday when law enforcement forces fired on crowds in several northern states.

Alaje emphasized that while the protests may be a form of expression, they come at a significant cost to the economy. "It’s not just about the protests happening everywhere, but the fear of protests has made many people close their shops. Many banks were shut, insurance companies were not functioning. So it has its own major effect," he said.

The economist urged the Nigerian government and the organizers of the protests to come together for a dialogue or negotiation to resolve their differences. "The gain from the protest is for the government to hear the cry of the people and for the government to know that the people can also checkmate their actions," Alaje said.

As the protests continue, it remains to be seen whether the government will heed Alaje’s warning and engage in dialogue with the protesters or whether the situation will escalate further. One thing is certain, however: the economic costs of the protests will be felt by all Nigerians.