{"id":8782,"date":"2024-07-29T08:17:25","date_gmt":"2024-07-29T08:17:25","guid":{"rendered":"https:\/\/thenewsnow.org\/?p=8782"},"modified":"2024-07-29T08:17:25","modified_gmt":"2024-07-29T08:17:25","slug":"cppe-cautions-against-likely-economic-impact-of-protests","status":"publish","type":"post","link":"https:\/\/thenewsnow.org\/index.php\/2024\/07\/29\/cppe-cautions-against-likely-economic-impact-of-protests\/","title":{"rendered":"CPPE CAUTIONS AGAINST LIKELY ECONOMIC IMPACT OF PROTESTS"},"content":{"rendered":"

The proposed nationwide protests portend grave dangers for an economy which is already in\u00a0 a very\u00a0fragile state.\u00a0 The protests could inflict an estimated<\/span><\/span> daily <\/span><\/span>loss of N400 billion, if not properly managed.
\n<\/span><\/span><\/p>\n

The consequences<\/span><\/span> of such a huge loss<\/span><\/span> for the country and the citizens would be very severe.\u00a0\u00a0There is a high risk of <\/span><\/span>shut downs and <\/span><\/span>disruption<\/span><\/span>s<\/span><\/span> in <\/span><\/span>major<\/span><\/span> sectors of the economy.
\n<\/span><\/span><\/p>\n

These include trade and commerce, <\/span><\/span>manufacturing, entertainment, <\/span><\/span>transportation, logistics, financial services, hospitality industry, <\/span><\/span>agriculture, <\/span><\/span>aviation, ICT, <\/span><\/span>and c<\/span><\/span>onstruction <\/span><\/span>sectors<\/span><\/span>.\u00a0<\/span><\/span> This is in addition to risks to lives and properties of innocent citizens and corporate bodies.\u00a0<\/span><\/span>Safety of government assets are also at risk.<\/span><\/span><\/p>\n

Meanwhile, w<\/span><\/span>e commend the <\/span><\/span>I<\/span><\/span>nspector <\/span><\/span>G<\/span><\/span>eneral of the police for acknowledging the rights of the citizens to protest and offering to protect the genuine protesters.\u00a0We plead with the <\/span><\/span>organizers<\/span><\/span>of the protests to cooperate with the police to make the planned protests peaceful<\/span><\/span> and orderly<\/span><\/span>.\u00a0 It is in the <\/span><\/span>overall <\/span><\/span>interest of all for <\/span><\/span>this to happen. Peaceful<\/span><\/span>ness of a <\/span><\/span>protest <\/span><\/span>does<\/span><\/span> not detract from the potency of <\/span><\/span>its<\/span><\/span> messaging.\u00a0<\/span><\/span><\/p>\n

The protest <\/span><\/span>organizers<\/span><\/span> should not offer a platform <\/span><\/span>for<\/span><\/span> elements in the country who have criminal intents and whose agenda is to inflict pains on innocent citizens and corporate <\/span><\/span>organizations<\/span><\/span> and destruction of public assets<\/span><\/span>. <\/span><\/span>We cannot fix a problem by promoting such negative tendencies.<\/span><\/span><\/p>\n

Additionally,\u00a0the CPPE would like to advise that the duration of the protests should be short, possibly one day.\u00a0 Experience has shown that the chances of protests degenerating into <\/span><\/span>chaos and <\/span><\/span>anarchy increases with the duration of the protests.\u00a0 Prolonged protests create opportunities for <\/span><\/span>hoodlums, miscreants and other criminal elements<\/span><\/span> in the society <\/span><\/span>to build momentum to unleash mayhem and destruction on the country.<\/span><\/span><\/p>\n

Over 90% of employed Nigerians are in the informal sector. <\/span><\/span>E<\/span><\/span>mp<\/span><\/span>l<\/span><\/span>oyees in this space are dependent <\/span><\/span>on daily income and any disruption <\/span><\/span>to<\/span><\/span> their economic activities beyond 24 hours could snowball into a major social unrest. This underlines the country\u2019s vulnerability to prolonged protests. <\/span><\/span><\/p>\n

Meanwhile<\/span><\/span>, we urge the administration to <\/span><\/span>expeditiously<\/span><\/span> implement its economic stabilization plan to <\/span><\/span>ease production costs and ultimately reduce inflationary pressures. Trade costs<\/span><\/span> are <\/span><\/span>still prohibitive and <\/span><\/span>needs to be drastically reduced across board in a manner that would not undermine domestic production. \u00a0<\/span><\/span>High cargo clearing cost is a major factor driving inflation<\/span><\/span> which needs to fixed urgently. <\/span><\/span>Revenue drive should<\/span><\/span> be managed in a manner that does <\/span><\/span>not impose additional pressure<\/span><\/span>s<\/span><\/span> on citizens and corporate bodies<\/span><\/span>. \u00a0There is <\/span><\/span>also <\/span><\/span>an urgent need to <\/span><\/span>prioritize<\/span><\/span> fiscal frugality<\/span><\/span> and transparency<\/span><\/span> in public sector <\/span><\/span>in all tiers and <\/span><\/span>across all levels<\/span><\/span> of government coupled with appropriate signaling and <\/span><\/span>messaging that reflect current economic conditions.<\/span><\/span> \u00a0Th<\/span><\/span>ese are <\/span><\/span>essential to earn the confidence of the generality of the people.<\/span><\/span><\/p>\n

\n

DR MUDA YUSUF<\/span><\/span><\/p>\n

DIRECTOR \/CEO<\/span><\/span><\/p>\n

CENTRE FOR THE PROMOTION OF PRIVATE ENTERPRISE<\/span><\/span><\/p>\n

[CPPE]<\/span><\/span><\/p>\n

28<\/span><\/span>TH<\/span><\/span> JULY 2024<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The proposed nationwide protests portend grave dangers for an economy which is already in\u00a0 a very\u00a0fragile state.\u00a0 The protests could<\/p>\n","protected":false},"author":1,"featured_media":8619,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[11],"tags":[],"class_list":["post-8782","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-from-the-grassroots"],"_links":{"self":[{"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/posts\/8782","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/comments?post=8782"}],"version-history":[{"count":1,"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/posts\/8782\/revisions"}],"predecessor-version":[{"id":8783,"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/posts\/8782\/revisions\/8783"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/media\/8619"}],"wp:attachment":[{"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/media?parent=8782"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/categories?post=8782"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/tags?post=8782"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}