A renowned economist and former President and Chairman of the Council of Chartered Institute of Bankers, CCIBN, Prof Segun Ajibola, has lamented the negative impact of the ongoing nationwide hunger protest.
He maintained that the protest has dislocated the nation’s economy and left everyone a loser.
Ajibola disclosed this in an interview with DAILY POST on Tuesday over the impact of the protests on the economy.
According to him, with the informal sector consisting of 45 percent of Nigeria’s economy, disruptions to human, and vehicular movement affect operators, especially nano, and scale business enterprises.
The Professor stated that for areas where curfew had been declared by the government, roadside mechanics, barbers, hairdressers, vulcanizers, market men and women, artisans, hawkers, and laborers who earn their meal tickets from daily activities are worse hit.
Ajibola, therefore, noted that for the sake of the economy, dialogue is always a better option. He called on the protesters to embrace dialogue instead of violent protests.
He said, “Nigeria’s economy is widespread in scope as the informal sector accounts for about 45 percent of the economy.
“Disruptions to human and vehicular movements restrict the activities of mostly the operators in the informal sector. Most of whom run micro, small to medium enterprises.
“Not to talk of roadside mechanics, barbers, hairdressers, vulcanizers, market men and women, artisans, hawkers, and laborers who earn their meal tickets from daily activities.
“The means of livelihood of these Nigerians are taken away from them through public protests. That hamper them from accessing their trades and vocations, with untold negative consequences on the overall state of health of the economy.
“A street protest of this magnitude dislocates the economy and leaves behind scars. Everybody ends up as a loser.
“For the sake of the economy, therefore, it is always better to opt for dialogue through roundtable interactions.
“Indeed, economic indices are sure to nosedive if street protest lingers. As it constrains productivity at personal and corporate levels, both in the public and private sectors,” he told DAILY POST.
Recall that the protests in Plateau, Kaduna, Kano, and other Northern States turned violent after the protesters resorted to violence. And to protect further destructions and loss of lives, some of the State Governments have announced 24-hours curfew.
The nationwide hunger protest, tagged #EndBadGovernance, commenced on Thursday , August 1. It was slated to last for ten days by its organizers.
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