Nigeria loses N250billion to ongoing strike

This bustling city has been grounded for three days

The Director General of the Lagos Chamber of Commerce and Industry (LCCI), Muda Yusuf, says the country is losing about N82 billion daily to the on-going strike.

The labour unions and civil liberty organisations started a national strike on Monday to protest the removal of subsidy on petrol. The strike entered the third day on Wednesday.

Mr. Yusuf told the News Agency of Nigeria (NAN) in Lagos on Wednesday that he arrived at the figure based on the country’s national output.

“We have an estimated national output, which is a GDP of N30 trillion. If you estimate the daily output, you are looking at N82 billion,” he said.

According to him, the informal sector is also losing a lot as operators in the sector are sustained by daily transactions.

“The informal sector, micro enterprises and some small businesses must be feeling big pains arising from the strike because they are driven by daily transactions.

“It is even worse now because they don’t have the opportunity to do any business,” he said.

Mr. Yusuf said that investors were also not left out because many of those who imported one thing or the other had vessels stuck at the ports.

“You cannot discharge your cargoes from the vessels without paying port charges. You cannot also remove your cargoes from the ports without paying for demurrage on the cargoes to the port authorities.

“And all these things are financed most often by borrowed funds, so interest cost is accruing on all these funds; yet there is no transaction, no movement. That again is another burden on businesses,” he said.

Mr. Yusuf also said that employers would also have to pay employees, even when the employees were not on their duty posts.  

 


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