Nigeria's Economy Hit Hard by Hunger Protests: A Five-Day Impact Summary

Over the past five days, Nigeria's economy has been severely impacted by hunger protests, especially in the northwest. Escalating security alerts have led to increased shop looting and property destruction in states like Kaduna, Bauchi, and Plateau. These disruptions coincided with the arrest of protesters flying Russian flags, in which the Russian Embassy in Nigeria denies any involvement.

General Christopher Musa, Chief of Defence Staff, declared the act treasonous, while states imposed 24-hour curfews to curb violence. This has further strained the economy, with an estimated N600 billion stolen and a potential loss of N400 billion daily from protests. The Nigeria Exchange Limited saw investors lose N92 billion, and the Nigeria Eurobond market experienced significant sell-offs.

Business operations in Abuja are skeletal, with low customer traffic reported in markets and banks. Fuel queues persist due to disrupted truck movements. Financial Analyst Gbolade Idakolo emphasized the need for government action to lower food prices and meet protesters' demands. The Centre for the Promotion of Private Enterprise and the Bank Customers’ Association of Nigeria highlighted the detrimental effects on small businesses and urged for an end to protests to prevent further economic decline.