Nigeria Lost N5 Trillion To #EndSARS Protests, Says NECA |The Source

By Uche Mbah

The Nigeria Employers’ Consultative Association (NECA)  said that its members lost over N5 trillion to the aftermath of the #EndSARS  protests across the country.

The #EndSARS  protests turned violent when hoodlums hijacked the protests, burning and looting both public and private properties. Even Media houses were burnt down in an unprecedented destruction spree.

NECA is the umbrella association of private-sector employers.

According to NECA President, Taiwo Adeniyi , the Government should come to the aid of fledgling businesses that has been negatively impacted by the mayhem, noting that many of their members have been kept at home.

“While the Lagos State Government estimated a loss of about oneTrillion Naira, and Plateau State Government estimated over N700 Billion, the  total value of the economic loss to the organized businesses nationwide could be in the region of over N5 Trillion”, he said.

“From looted machinery, consumables, livestock, raw-materials, pharmaceutical products, luxury goods, and cash to actual and wicked vandalism and destruction of walls smashed and mutilated doors, glasses, damaged critical electricity infrastructures, burnt buildings and properties and looted stocks.

“The list is endless. The actual value in terms of the financial, emotional, and psychological loss suffered as a result of the arson and looting experienced by these businesses can only be imagined and the impact will linger for a long time”.

He commended measures taken by the federal and state governments, especially Lagos, adding that  “it is critical that further initiatives need to be urgently put in place to ensure a quick return to economic normalcy across the country.

“We, therefore, urge the Federal Government to, without delay; make public details of its planned support for the businesses that were affected: we recommend that deliberate bail-out funds for verified businesses affected by the crisis as well as other programs and interventions aimed at supporting these businesses to get back to production and remain sustainable and competitive in the long run, be urgently initiated.”

“Prior to the outbreak of COVID-19 pandemic, the Nigerian economy had witnessed tepid domestic growth, constrained fiscal space, low foreign and domestic investments, declining foreign reserves, which made the economy disproportionately vulnerable to the twin shocks of crude oil price/production collapse and a health crisis.

“The GDP was projected to grow at 2.93 percent in 2020; however, this was reversed to -4.3 percent by the International Monetary Fund (IMF), following the outbreak of the COVID-19 pandemic, and its rapid twist into a global pandemic in Q1 2020, which has had corresponding economic consequences.”