#Endsars: N54bn Daily Loss Under the Curfew – Greenwich Bank
As government, people and organisations are counting their loses over the recent #Endsars protest,financial analysts have come out to estimate the amount of money lost during the protest which affect almost every sector of the economy.
Lagos which is one the cities that suffered most out the protest is estimated to require up to N1 Trillion to rebuild the state. This was mentioned by the Speaker of the House of Representatives, Hon. Femi Gbajabiamila, on a fact finding visit to Lagos yesterday as he said the Governor of Lagos State, Babajide Sanwo-Olu, had told him the state may spend up to N1.0 trillion to fix the damages done to infrastructure in the state by the protesters.
Meanwhile a Senior Economist/Head, Research & Strategy, Greenwich Merchant Bank, Ayodeji Ebu has said the unrest and subsequent 24 hours curfew imposed by the Lagos State Government to restore peace and order may have cost the state at least N54 billion each day that the curfew lasted.
He opined that the social unrest would impact negatively on direct investment in the remaining part of the year as well as in the first quarter (Q1) 2021. His words: “While it may be difficult to estimate the exact loss so far, based on the significant contribution of Lagos State (approximately 30%) to Nigeria’s total Gross Domestic Product (GDP) and as over 50 percent of Nigeria’s non-oil industrial capacity is located in Lagos, the impact of the crisis will be enormous.
“This was further compounded with the 24hours curfew that lasted for about four days. Estimating using the Q2’2020 GDP data and assuming there was a total shut down, each day will cost Lagos alone about N54 billon.” READ ALSO: #EndSARS: Nigerians groan over impending economic hardship Continuing, he said: “With Lagos the centre of the civil unrest, which account for 70 percent or $1.1 billion of total capital importation in Q2’2020, we expect this to further impact on direct investment in Q4’2020 and Q1’2021.” He stated that insurance claims would also spike due to the damages on lives and properties across the country.