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Bimbola Oyesola
The Organised Private Sector (OPS) yesterday said its members across the country suffered over N5 trillion loss as a result of the barbaric destruction and vandalisation of critical investment and assets by hoodlums who hijacked the peaceful #EndSARS protests.
This was as the Nigeria Employers Consultative Association (NECA) has urged the Federal Government to make public details of its planned support for businesses that were affected to ensure a quick return to economic normalcy across the country. The NECA President, Mr. Taiwo Adeniyi, at a media briefing in Lagos on Tuesday on ‘the state of the economy and impact/effects of the vandalisation and destruction of business assets and properties by hoodlums during the EndSARS protests’, lamented that Organised Private Sector became one of the victims of the colossal and barbaric destruction and vandalisation of critical investment and assets by hoodlums. “This act not only compromises the ability of these businesses to meet obligations to their creditors, vendors, employees and regulators amongmany others, it also has the capacity to cripple efforts at reducing unemployment and attracting foreign direct investment into the nation,” he said.
The NECA President observed that while the Lagos State Government estimated a loss of about N1trillion and Plateau State Government estimating over N700 billion, the total value of the economic loss to OPS nationwide could be in the region of over N5 trillion.
He said, “From looted machineries, consumables, livestock, raw-materials, pharmaceutical products, luxury goods and cash to actual and wicked vandalisation and destruction of walls, smashed and mutilated doors, glasses, damaged critical electricity infrastructures, burnt buildings and properties and looted stocks. The list is endless.
“The actual value in terms of financial, emotional and psychological loss suffered as a result of the arson and looting experienced by these businesses can only be imagined and the impact will linger for a long time.”
Though he commended the Federal and State Governments and a number of Non-Governmental Organisations for the initiatives and interventions aimed at mitigating the loss to businesses, Adeniyi said it wascritical that further initiatives be put in place by the Federal Government.
“We wish to particularly call out the proactive and on-going steps by the Lagos State Government, the Central Bank of Nigeria, Access Bank Plc, Federal Inland Revenue Service (FIRS) among others that have taken it upon themselves to support businesses to ensure the sustainability of the Nigerian economy,” he said. According to him, the proactive initiatives by the Governor of Lagos through well-thought out tax-breaks, grants and other financial assistance from other Stakeholders, have increased the confidence of organized business that better days are ahead.
