News Social Issues

EndSARS: Inflation may rise if looting continues — Economist

EndSARS: Inflation may rise if looting continues — Economist

Dr Aminu Usman, an Economist says inflation may worsen if looting continues and states are forced to shut down, especially Lagos, as a result of effects of the activities of hoodlums in the aftermath of the #EndSARS protests.

Usman, who is the Dean, Faculty of Social Sciences, Kaduna State University, said this on Monday in Abuja.

According to him, the limitation of movement in Lagos will affect supply chains for finished and secondary goods, as well as the movement of foods and other items from Lagos into other states in the south.

He said that the economic implication of the protests and its aftermath was better imagined as the economy was just recovering from the COVID-19 pandemic lockdown which caused it to shrink in the second quarter of the year.

“To say the least, we are certain to go into recession the second time within four years having passed through the same in 2016.

YOU MAY ALSO LIKE:   Zimbabwe abandons currency

“The economy now facing a second round of lockdown followed by a devastating destruction of economic infrastructure means that the fourth-quarter Gross Domestic Product (GDP) will most likely be much worse than earlier expected.

“Lagos is the hub of the nation’s economic activities and a one-day slow-down will cost the nation heavily, talk less of the magnitude of the destructions to public and private investments.’’

Usman added that the destruction of property experienced in Lagos may cause its economy a loss of potential private and Foreign Direct Investment which is much sought after for development and job creation for the youths.

He said that no investor would invest in a state or country where resort to lawlessness had become recurring with the government seemingly incapable of doing anything.

Kindly share this story
loading...

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.