In the wake of widespread protests across Nigeria against soaring inflation and economic hardships, the impact on businesses is becoming increasingly evident. Clothing seller Michael Nwankwo, who operates in Lagos’s Marina market, is still grappling with the financial fallout from the recent unrest. The demonstrations, which began last Thursday and subsided over the weekend after a security crackdown, resulted in at least 22 deaths, according to Amnesty International.
While protests were largely peaceful in Lagos, many businesses closed their doors, and customers stayed away as a precautionary measure. Nwankwo expressed difficulty in quantifying his losses, noting that every day his shop remained closed meant lost opportunities for revenue.
Nigeria’s Minister of Industry, Trade, and Investment, Doris Nkiriuka Anite, reported on Saturday that the unrest is costing the economy over 500 billion naira ($324.68 million) daily. Adewale Oyerinde, head of the Nigerian Employers’ Consultative Association, warned of the long-term economic consequences, explaining that disruptions in production and the need for repairs will further strain the economy.
The protests, initially sparked by data showing annual inflation had reached a 28-year high of 34.19% in June, were organized under the hashtag “#10DaysOfRage.” Activists aimed to draw attention to the severe economic challenges faced by Nigerians.
