The Centre for the Promotion of Private Enterprise (CPPE) has warned that the planned hardship protest from August 1-10 could result in an estimated daily loss of N400 billion if not properly managed.
In a statement on Sunday, CPPE Director, Muda Yusuf highlighted the severe threat the protest poses to Nigeria’s already fragile economy. He urged the organizers to avoid providing a platform for individuals with criminal intentions aiming to harm innocent citizens, corporate organizations, and public assets.
The CPPE also called on President Bola Ahmed Tinubu’s administration to swiftly implement its economic stabilization plan to reduce production costs and inflationary pressures.
“The proposed nationwide protests pose significant dangers to an already delicate economy, potentially causing an estimated daily loss of N400 billion if not well-managed. The consequences of such losses for the country and its citizens would be severe, risking shutdowns and disruptions across major sectors including trade, manufacturing, entertainment, transportation, logistics, financial services, hospitality, agriculture, aviation, ICT, and construction.
Additionally, there is a high risk to the lives and properties of innocent citizens and corporate bodies, as well as government assets.
Promoting negative tendencies cannot solve the problem. Over 90 percent of employed Nigerians are in the informal sector, relying on daily income. Any disruption to their economic activities beyond 24 hours could lead to major social unrest, highlighting the country’s vulnerability to prolonged protests,” the CPPE stated.
The Take It Back (TIB) Movement announced the planned nationwide protest in response to the rising cost of living and hardship in Nigeria. The TIB, through its solicitor Ebun-Olu Adegboruwa, requested protection from the Nigeria Police Force and the Department of State Services during the protest.
Meanwhile, Inspector General of Police Kayode Egbetokun has asked the protesters to provide details as a condition for ensuring their protection.
In recent weeks, there have been both calls for and opposition to the planned protest.
