The echoes of widespread protests that rocked Nigeria last week are still reverberating through the nation’s economy.
Demonstrations erupted across the country in response to soaring inflation and economic hardship, with hundreds of thousands taking to the streets to demand change.
While the protests largely remained peaceful in commercial hub Lagos, their impact on businesses has been severe.
Clothing seller Michael Nwankwo is one of many who suffered significant losses as customers stayed indoors and shops shuttered their doors out of caution. “I don’t even really know how to quantify the loss,” he lamented.
The Nigerian government is also grappling with the economic fallout. Minister of Industry, Trade and Investment Doris Nkiriuka Anite estimated the daily cost of the unrest at a staggering 500 billion naira ($324.68 million).
Adewale Oyerinde, head of the Nigerian Employers’ Consultative Association, warned of long-term consequences, as disrupted production and damaged infrastructure will hinder economic recovery.
The protests, initially sparked by a staggering 34.19% inflation rate, were organized under the hashtag “#10DaysOfRage.”
However, a combination of a strong police response and a call for calm from President Bola Tinubu led to a decline in demonstrations over the weekend.
As the nation begins to pick up the pieces, the full extent of the economic damage caused by the protests is yet to be determined.