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“#EndSARS protest disruption costs economy N1.5tn” FDCL claims

"#EndSARS protest disruption costs economy N1.5tn" FDCL claims 1

The Financial Derivatives Company Limited has stated that the Nationwide #EndSARS protest has cost Nigerian economy an estimated N1.5tn.

According to FDC, N1.5tn, approximately 1.03 per cent of the GDP and 11.47 per cent of the 2021 budget were disrupted during the protest.

The statement reads;

“This suggests that the economic recovery path could be longer than anticipated . Massive investment in job – elastic sectors with minimal control on the pricing mechanism will serve as catalysts and would ensure a sustained ‘ take – off ’ , ” the FDC , led by foremost economist Bismarck Rewane, said in its latest economic bulletin.

“ This coupled with money supply saturation , higher logistics costs , CBN ’ s forex rationing as well as forex restriction for imported finished goods have heightened inflationary pressures ,”

“This means that inflation will be rising for the 14th consecutive month. It would also be the highest level in 33 months.

“Food inflation will be the most affected as it is estimated to climb to 17.05 per cent. Other sub-indices are also expected to move in the same direction.”

Financial Derivatives Company Limited added that the price of onions, palm oil and tomatoes jumped by 100 per cent, 30.43 per cent and 16.67 per cent respectively, after the #EndSARS protest.

“About 1,800 trucks of commodities, food supply, finished goods, other raw materials and logistics enter Lagos on a daily basis.

“A noticeable trend during our survey was that highly perishable and seasonal commodities were severely impacted.” the statement added.

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