Nigeria’s Economy Hit with Estimated N500 Billion Loss Due to Hunger Protests

Nigeria’s Minister of Industry, Trade and Investment, Dr. Doris Uzoka Anite, has revealed that the country has suffered a significant economic blow following the recent hunger protests. According to her statement, Nigeria lost an estimated N500 billion due to the protests, which were held from August 2 to 10, 2024.

The minister disclosed the figure in a recent statement on the official X handle, where she expressed her sadness over the loss of lives during the protests. A total of 21 people lost their lives, and around N52 billion worth of goods were destroyed. Anite emphasized that the lootings resulting from the protests are a severe setback for businesses and entrepreneurs across the country.

The protests, tagged #Endbadgovernance, were marked by widespread destruction and looting, which has had a significant impact on Nigeria’s economy. The Central for the Promotion of Private Enterprise had earlier estimated that the protests would cost the country N400 billion daily, highlighting the magnitude of the economic damage.

Anite urged Nigerians to honor those who lost their lives during the protests by striving for more peaceful and constructive dialogue. Her statement serves as a stark reminder of the importance of peaceful protests and the devastating consequences of violence and destruction.

As the country moves forward, it is crucial that efforts are made to address the underlying issues that led to the protests and to find ways to mitigate the economic impact of the damage caused.