Business owners forced to remain at home

Meanwhile, many businesses in Lagos had to shut their businesses due to the 24-hour curfew imposed by the state government. One of such businesses is the Justrite and Jendol shopping malls both located along Isolo Ikotun road.

Some filling stations along the road also shut their businesses in the early hours of Tuesday due to the protest.

A Managing Partner Matthew OGAGAVWORIA & Co. (Chartered Accountants) said, “No matter how we quantify the naira loss, it is still better than the loss of life.

“The question really is, what is the alternative? I have been stationary inside traffic for 7 hours but I will take the pain for a better tomorrow because #ENDSARS has become a metaphor for demanding reforms in our economic and social life,” he said.

In Ogun State, the Chairman of the Chartered Institute of Taxation of Nigeria (CITN) in Ota District, Adeola Agbogunleri, said the protest has “already grounded the economy of Nigeria.”

According to him, the protest has affected both governments and individuals’ economic activities and requires urgent attention as the whole world is watching Nigeria.

“In terms of economic implications, the whole economy is grounded as we speak. This is because whatever affects Lagos State and South West, affects the whole nation,” Agbogunleri added.

President, Abeokuta Chamber of Commerce, Industry, Mines and Agriculture (ABEOCCIMA), Jare Oyesola yesterday expressed fears that the ongoing #EndSARS protest could worsen the nation’s economy.

This, he said, is in view of the fact that the nation is just recovering from economic effects of the coronavirus.

In Oyo state, an Economist and a lecturer at the Department of Economic, University of Ibadan, Dr. Tosin Adeniyi identified two negative implications of the ongoing protest may have on the economy in the state.

He said the ongoing protest could affect small scale businesses in the state and the government may need to spend taxpayers’ money on unnecessary things.

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