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By Samuel Ogunsona
The protests, being organised by persons and groups who, the Federal Government says are yet to be identified, has continued to generate serious concerns in government circles as well as among economic experts and groups.
The masterminds of the planned protests have, through postings on social media, been insisting that the exercise was aimed at drawing attention to the current economic woes being encountered by Nigerians, notably spiraling cost of living, hunger, extreme poverty, hyper-inflation, production costs, and youth unemployment.
The latest to express worry at the impending event slated to begin on Thursday, August 1, 2024, is the Centre for the Promotion of Private Enterprise, CPPE.
The body, in a statement on Sunday, warned about the serious backlash the protests would provoke if not well managed.
Indeed, the centre warned that the planned protests could inflict a daily loss of about N400 billion on the country’s economy besides its attendant dire impact on the people.
Dr. Muda Yusuf, the Director/CEO of CPPE, expressed these fears in the statement, saying:
“The protests could inflict an estimated daily loss of N400 billion, if not properly managed. The consequences of such a huge loss for the country and the citizens would be very severe.”
Specifically, the organization is worried that the protests could provoke shutdowns and disruptions in major sectors of the economy, in addition to risks to private businesses, lives and property.
“There is a high risk of shutdowns and disruptions in major sectors of the economy,” Dr. Yusuf continued. “This is in addition to risks to lives and properties of innocent citizens and corporate bodies.”
Adding all thee, the organization therefore implored the organisers to cooperate with the police to ensure peaceful and orderly protests, and it from being hijacked by hoodlums.
Significantly, the CPPE also appealed to the organisers to limit the duration of the protests to one day, if possible.
“Prolonged protests create opportunities for hoodlums, miscreants, and other criminal elements in the society to build momentum to unleash mayhem and destruction on the country,” Dr. Yusuf said.
He pleaded with the Tinubu Administration to execute its economic stabilisation plan in a way that would lead to drastic reduction in production costs and inflationary pressures.