Monday, August 2, 2021

    #EndSARS protests: Hoodlums’ actions bound to affect Nigeria’s foreign direct investments negatively – Analyst

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    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    By Folasade Akpan

    Abuja, Oct. 26, 2020 Mr David Ibidapo, an economist says the effects of the activities of hoodlums in the aftermath of the #EndSARS protests will affect Foreign Direct Investments (FDIs) into the country.

    Ibidapo, also a financial analyst made this known in an interview with newsmen on Monday in Abuja.

    He said the way the #EndSARS protests had turned out would definitely affect FDIs because their perception about the Nigerian economy would change negatively, adding that recent happenings would further dampen investors’ confidence.

    “The protest has just opened the eyes of everyone, especially the international organisations and citizens that Nigeria has a security issue.

    “Do not forget that Boko Haram is still there, banditry is there too and it is now evident that some rogue police officers who are supposed to protect lives and property are now the ones killing innocent citizens.

    “So in a country where security is challenged; FDIs will be affected and we know that currently economy is low on FDIs and to grow the economy we need foreign investments,” he said.

    Ibidapo said that security was a very big issue in the country, adding that it needed to be addressed if the nation aimed to continually attract Foreign Direct Investments.

    He said that no investor would want to invest in an economy or put his money where his lives and businesses were not secure.

    On the actual effects of the #EndSARS protests on the economy, he said it should be minimal if the protest was not prolonged as that would cause consistent disruption in economic activities.

    “Let us not forget that the economy is still trying to recover from the effects of COVID-19 pandemic, so if the protest lingers on definitely it will affect the economy negatively.

    “However, the extent of effect is now dependent on how soon the Federal Government resolves the demands of the protesters.

    “If it is not resolved as soon as possible it is going to weigh on the recovery plan or ability of the Nigerian economy.

    “It is almost certain that the Nigerian economy will deep into a recession and if the protests linger, it will not speedy the recovery of the Nigerian economy.”

    Ibidapo, however, advised the Federal Government to find ways to calm nerves soonest meet the demands of the protesters and put an end to the activities of thugs and hoodlums who had taken advantage of the #EndSARS protest.

    He said that because this was at a time when Nigeria really needed growth following the negative consequences of the COVID-19 pandemic.

    He said that if the situation was not quickly resolved, it would affect the nation ‘s Gross Domestic Product (GDP), adding that the significance was dependent on how long it lingered.

    The News Agency of Nigeria (NAN) reports that many people died, while both public and private assets worth billions of Naira were either burnt, destroyed, vandalised or looted by hoodlums many parts of the country.

    Gov. Babajide Sanwo-Olu of Lagos State had on Oct. 22, also said that the state recorded losses from the escalated #EndSARS protests running into billions of Naira.

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