Days after massive protests against inflation and economic hardships swept across Nigeria, business owners like clothing seller Michael Nwankwo are still grappling with the financial fallout.
The protests, which began last Thursday and lasted through the weekend, led to the deaths of at least 22 people, according to Amnesty International. While demonstrations in Lagos, Nigeria’s commercial hub, remained mostly peaceful, many businesses shut down as a precaution, leading to significant financial losses.
“I can’t even begin to calculate the loss. Every day the shop is closed, it’s a missed opportunity to make money,” Nwankwo said from his shop in the Marina market.
Doris Nkiriuka Anite, Nigeria’s Minister of Industry, Trade, and Investment, stated that the unrest was costing the economy over 500 billion naira ($324.68 million) per day.
Adewale Oyerinde, head of the Nigerian Employers’ Consultative Association, warned that the protests would have long-term economic effects. “When production halts, businesses can’t produce or sell, and this disruption ripples through the economy. Any damage caused will also require resources for repairs,” he said.
The protests were initially sparked by online calls for “#10DaysOfRage” after inflation data revealed a 28-year high of 34.19% in June. However, they began to subside following a strong police response and a plea for calm from President Bola Tinubu.