Economic damage worth N500bn amid nationwide protests – Minister

• Published On: 10 August 2024 at 19:52

Dr. Doris Uzoka Anite, Minister of Industry, Trade, and Investment, has projected that the ongoing EndBadGovernance demonstration will cause economic harm of roughly N500 billion.

The Minister made the announcement on her official X handle, regretting the protest-related deaths and other damages.

In her statement, she stated that over a thousand people perished during the demonstration, and that products worth over N52 billion were damaged.

She emphasised that the lootings during the protest are a setback for companies and entrepreneurs throughout the country.

She stated, "The loss of life during the protests is tragic. My thoughts are with the families involved. The looting, which has cost billions of dollars, is a devastating blow to our economy and entrepreneurs. Let us remember those we've lost by working for more peaceful and productive dialogue."

On August 1st, the #EndBadGovernance demonstration began, with participants pushing legislators to address the nation's rising cost of living.

By June 2024, the country's inflation rate had increased to 34.19%, its highest level in 28 years, and 32 million people were predicted to be extremely food insecure.