The economic heartbeat of Kaduna and Zaria has been severely disrupted as protests against the rising cost of living and economic hardship turned violent, resulting in significant losses estimated at over N700 billion in just five days, according to the Association of Small Business Owners of Nigeria (ASBON) and the Kaduna Chamber of Commerce, Industry, Mines and Agriculture (KACCIMA).
The protests, which initially began as peaceful demonstrations across the country, have escalated into violent clashes between protesters and security forces in Kaduna and Zaria. Businesses have been looted, burned, and vandalized, leading to widespread panic and economic paralysis.
The Kaduna metropolis, once a bustling commercial hub, now wears a deserted look as businesses remain shuttered due to fear of attacks. The situation in Zaria is equally grim, with reports of widespread destruction of property and loss of lives.
ASBON lamented the devastating impact of the protests on small businesses, which form the backbone of the Nigerian economy. The association highlighted the loss of livelihoods and the potential collapse of numerous businesses due to the violence.
“The destruction of properties and the disruption of economic activities have inflicted immeasurable pain on small business owners,” said the ASBON president. “We call on the government to take urgent steps to restore order and compensate affected businesses.”
KACCIMA, on its part, expressed deep concern over the escalating violence and its implications for the state’s economy. The chamber estimated that the losses incurred by businesses in Kaduna alone amounted to over N500 billion, underscoring the magnitude of the crisis.
“The situation is dire, and it requires immediate intervention from the government,” said the president of KACCIMA. “We urge the security agencies to restore order and bring the perpetrators to justice. The government must also put in place measures to support affected businesses and prevent a recurrence of such violence.”
Security Forces Battle Protesters
As the protests intensify, security forces have been deployed to quell the unrest. There have been reports of clashes between protesters and security personnel, resulting in injuries and fatalities. Curfew has been imposed in some areas to contain the situation.
The military has also been called in to assist the police in restoring order. However, the protests continue to spread, with reports of similar demonstrations in other parts of the country.
The government has come under intense pressure to address the root causes of the protests, which include rising inflation, unemployment, and poverty. President Bola Tinubu has called for calm and urged Nigerians to exercise restraint.
Humanitarian Crisis Looms
The violence and destruction caused by the protests have created a humanitarian crisis, with thousands of people displaced and in need of urgent assistance. Hospitals, schools, and other essential services have been disrupted, affecting vulnerable populations.
The government and humanitarian organizations are working to provide relief to those affected by the violence. However, the challenges are immense, as the situation remains volatile.
Economic Fallout and Way Forward
The economic consequences of the protests are far-reaching and will be felt for months, if not years, to come. The destruction of businesses, infrastructure, and loss of investor confidence will hinder economic growth and development.
To prevent a recurrence of such violence, the government must address the underlying issues that triggered the protests. This includes implementing policies to address inflation, create jobs, and improve the living standards of Nigerians.
Furthermore, there is a need for improved governance and accountability to restore public trust. The government must demonstrate its commitment to the welfare of its citizens and take decisive action to address the challenges facing the nation.
The road to recovery will be long and arduous, but with concerted efforts from the government, businesses, and civil society, Nigeria can overcome this crisis and rebuild its economy.
