EndSARS Protest: Economy Loses are Temporary if Expected Reforms are Instituted – Former CIBN President

An economist and former President, Chairman of Council, Chartered Institute of Bankers of Nigeria (CIBN), Okechukwu Unegbu said whatever the economy loses during the EndSARS Protest will be temporary and could be gained if the expected reforms are instituted.

Recall, the EndSARS Protesters across the country have been on the streets for 12 days in Lagos, Abuja, Kaduna, Owerri, Awka, Aba, Abeokuta, Osogbo, Port Harcourt, Benin and other big cities. They are demanding an end to police brutality and country reforms.

Economists has put the daily loss in the economy at a minimum N10 billion.

Reacting to the impact of the protest on businesses and the nation’s economy at large, Unegbu said the protests would make the economy better.

“Look at the economy even before the protests, the interest rates were rising, loan default in banks kept worsening as businesses find it difficult to repay loans, inflation has been rising, making it difficult for people to meet their needs and naira has lost a large part of its value in recent months. The EndSARS protests will help government and agencies of government to critically look at how to reposition the economy.”

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Unegbu said the level of economic activity, especially production, has been nosediving and if the protests become successful, and policy recommendations implemented, foreign investors will flood Nigeria with their capital.

“In the next three months, we are likely to see a rise in foreign direct investment if the protesters’ demands are resolved. Whatever losses the economy and businesses have incurred in recent weeks will be offset by improved business environment and corporate governance practices,” he said.

The initial five-point demand of the protesters are: release of arrested protesters; payment of compensation to families of victims; investigation and prosecution of all reports of misconduct; proscription of the Special Anti-Robbery Squad (SARS) and review of police welfare.

They are demanding the immediate implementation of all demands.