Amid the raging nation wide protests against bad governance and hunger, Nigeria economy faces heavy deterioration, as many business owners opened shops, but receive little or no patronages. The protests have entered its 5th day this Tuesday.
The security red alerts spread to states, especially the Northern part of Nigeria, has it that the economy is dying rapidly, calling for restraint.
Police and government authorities have informed the media of the spread of property destruction, and shop looting in Kaduna, Plateau, and Bauchi as miscreants appropriated the protests to cause mayhem, disorder, and havoc.
However, some rioters were arrested in Abuja and some other parts of the North with Russian flags.
A similar occurrence transpired in Kano State, with the police saying they have arrested the tailor accountable for the mass production of the flag.
In the main, the Russian Embassy in Nigeria has denied any connection in the display of its flag by protesters in Nigeria.
The major reason or motive behind the display of the Russian flag remains unclear, the Chief of Defence Staff, General Christopher Musa said exhibiting Russian flags in Nigeria was treasonable, and swore to crack down on offenders.
The sustained increase of violence on Day 5 of protests, tagged #endbadgovernance, had given rise to Bauchi, Kaduna, and Plateau states of late declaring 24-hour curfews.
Prior to this ugly development, Borno, Kano, Katsina, Jigawa, and Zamfara states declared 24-hour curfew in affected areas in order to stave-off imminent chaos.
Imposition of Curfew in states have further worsened the woes of the nation’s economy.
With the economy already declining, the declaration of curfew in states pushes the country’s economy to near collapse.
According to reports reaching our news desk, Association of Small Business Owners of Nigeria, ASBON, said an estimated N600 billion has been lost in the last five days.
The Centre for the Private of Private Centre had earlier said the country risks losing N400 billion daily to the protests.
Increasing reports of violent rioting and the spreading of fear in the generality of Nigeria leaves more than expected in the minds of investors.
Outside the loss of lives and looting of shops and properties, investors at the Nigeria Exchange Limited lost N92 billion at the end of the trading session on Monday.
The same goes for Nigeria Eurobond. There was a massive sell-off at the dollar-dominated bond amid the protests and uncertainties.
This comes despite a call by President Bola Ahmed Tinubu in his Sunday broadcast for the protests’ suspension to dialogue with the government.
