Nigerian businesses grapple with losses amid inflation protests

In the wake of a massive wave of protests across Nigeria against soaring inflation and economic difficulties, many businesses are struggling to assess their losses. Clothing retailer Michael Nwankwo is among those feeling the sting. His shop, located in Marina Market, remains closed, and he laments the ongoing uncertainty.

The demonstrations, which began last Thursday and tapered off over the weekend after a heavy-handed response from security forces, resulted in at least 22 fatalities, according to Amnesty International. While the protests in Lagos, Nigeria's bustling commercial center, remained mostly non-violent, the resulting economic disruption was significant. Many businesses shut their doors as a precaution, and customers stayed away, leading to a dramatic drop in trade.

Nwankwo expressed frustration over the difficulty in measuring his losses, stating, “It’s hard to gauge the impact when every day we stay closed means missed opportunities and potential earnings.”

Doris Nkiriuka Anite, Nigeria's Minister of Industry, Trade, and Investment, revealed that the unrest is costing the economy upwards of 500 billion naira (approximately $324.68 million) daily. Adewale Oyerinde, leader of the Nigerian Employers' Consultative Association, warned that the effects of the protests will linger longer. “Interruptions in production hinder business operations, leading to diminished sales and further economic repercussions. Repairs and replacements add to the strain,” he explained.

The protests were initially sparked by online calls for "#10DaysOfRage" after a report highlighted that inflation had reached a 28-year peak of 34.19% in June.