A dozen individuals lost their lives as the Nigerian economy plunged into chaos, with markets, banks, and businesses closing down on the first day of hunger protests in the country.
Police confirmed severe damage to both government and private properties as rioters unleashed chaos in at least ten states across Nigeria.
Protesters took to the streets in major cities nationwide on Thursday to voice their discontent over the prevailing hunger and hardships in Nigeria.
The protesters’ demand was to #endbadgovernance, attributing the situation to worsening economic challenges amidst skyrocketing food and commodity prices.
Statistical data from the National Bureau of Statistics indicated that core inflation and food inflation stood at 34.19% and 40.87%, respectively.
Additionally, the interest rate was reported at 26.72%, with the Naira to Dollar exchange rate at N1570 as of Thursday.
With various economic indicators showing a negative trend, citizens felt compelled to demand a change through protests.
Unfortunately, the protests turned violent as hoodlums took advantage of the situation in multiple cities, resulting in the death of at least ten individuals and widespread property destruction.
The fatalities included six in Suleja, Niger State; four in Maiduguri, Borno State; three in Kaduna State; and one in Kebbi State.
Riots broke out in several states including the Federal Capital Territory Abuja, Kaduna, Kano, Borno, Niger, Yobe, Jigawa, Gombe, and Bauchi, with clashes between protesters and security forces.
As a response to the escalating violence, Inspector General of Police, Kayode Egbetokun, declared a red alert and imposed curfews in Kano, Yobe, Borno, and Katsina states.
Egbetokun reported, “In places like FCT, Kaduna, Kano, and Gombe, among others, we recorded incidents of unprovoked attacks on security personnel, where one policeman has been reported murdered and others seriously injured.” This statement was made during a media briefing on Thursday.
An explosion in Borno during the protests resulted in the immediate death of four individuals and left 34 others severely injured, as per the police.
Aside from the lives lost, the police confirmed looting of both public and private properties during the unrest.
Nigeria’s Economy Comes to a Standstill
Market closures were reported in Abuja, Niger, Kano, and Kaduna, leading to economic paralysis in Nigeria.
Key sectors of the Nigerian economy, including financial services, maritime, trade, transportation, entertainment, information technology, and hospitality, were either completely or significantly disrupted by the protests.
Appeals for Protest Suspension by CPPE Analysts
Expressing concerns over the impact of the initial day of protests, the Centre for the Promotion of Private Enterprise (CPPE) called for a halt to the ongoing demonstrations.
In a statement released on Thursday by CPPE Director, Muda Yusuf, the organization highlighted the complete halt of economic activities in many states, resulting in substantial economic losses.
Yusuf emphasized the significant shutdown of major economic sectors in Nigeria, urging the protest organizers to suspend the demonstrations to prevent further escalation and maintain law and order.
Financial Analyst and CEO of SD & D Capital Management, Gbolade Idakolo, echoed the sentiment during an interview with NewsNow on Friday, appealing to protesters to cease their actions.
Idakolo expressed concerns over the negative impact of the protests on Nigeria’s fragile economy, emphasizing the need to prioritize national security and unity over personal or political motives.
He cautioned against the potential devastating effects on the economy resulting from the protests, citing the lingering impact of the EndSARS protest in 2020 and urging organizers to consider the broader implications on the nation.
His message to the protest organizers was clear, “We do not have another country to call our own; let national interest guide your actions.” This plea was made in consideration of the fragile economic and security landscape in Nigeria.