President of the Abuja Chamber for Commerce and Industry (ACCI), Prince Adetokunbo Kayode, has said the aftermath of the #EndSARS, which led to many destructions has cost businesses in the Federal Capital Territory about N900 million.
Mr. Kayode made the revelation at the opening ceremony of the 15th Abuja International Trade Fair.
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“We are all aware of the impact of the #EndSARS campaign, which affected so many businesses in Abuja and across the country. According to our findings by the Policy Advocacy Centre (PAC) of the Chamber, Abuja lost roughly N900 million to the protest.
“The trajectory of these intermittent issues, which is highly regrettable shows that we have in our streets, jobless persons who with any slight chance, will light a fire.”
He said the trade fair was crucial for investors and businesses to harmonise and promote trade.
Speaking on Nigeria’s recession, Kayode blamed low activities at both domestic and international levels, which affected economic growth in the first and second quarter of 2020.
The economic analyst corroborated the government’s position that the economy will exit recession faster just like it happened in 2016.
Kayode however said Nigeria must develop local industries with at least 104 industrial parks due to its contributions to the national economy.
The Minister of Industry, Trade and Investment, Otunba Richard Adebayo, at the event said the trade fair has been serving as an avenue for sharing trade ideas to boost economic growth as trade remains central in boosting economic growth.
“The N2.3 trillion Economic Sustainable Plan by the Federal Government was targeted at boosting growth and empowering businesses, which is why the government prioritised MSMEs.”
He also said the bid for Dr. Ngozi Okonjo-Iweala to head the World Trade Organisation (WTO) will aid Nigeria in the area of trade engagements and development.
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