Waheed Alabede, a New York – based economist, risk & data analyst, said, “The total long term loss to Nigeria’s economy will top N1.5 trillion in direct and indirect losses now and in the next couple of years even if normalcy returns. “Conservative estimate of direct losses of Wednesday alone is currently over N60 billion when replacement cost, loss of use, and other costs are factored in. “The challenge going forward is in the long-term impact on the economy. “On the economic front, and coupled with downturn caused by COVID-19, it will take over eight years for Nigeria, and especially Lagos, to recover from the loss of confidence among investors occasioned by the attacks on private and public properties. “One of the effects of destructive protest or riot is that it heightens the level of risk assessment of nations which in turn means local, and international investors and lenders will increase interest rates to compensate for the high-risk business environment brought on by the disruption of business activities, and the destruction of private and public properties. “The cumulative effect of the shock to the economy is an increase in the unemployment rate, especially among the youth. “Additionally, government will have to divert funding from essential services like education to repair or replace the damaged properties. “Among others, farmers and the poor will also be significantly impacted. “Government must do all it can to bring the youth to the table and the youth must understand that it is time to select a leader within their rank and file. “Nigeria survived worse events in the past and we will survive this too, but we must work together to turn this to a win for all. “As it often happens during any economic crisis, there are losers and winners. “While most Nigerians including large corporations and SMEs will be losers, the winners, in this case, are the construction and maintenance companies, suppliers of damaged goods, CSOs and NGOs. “Due to the recent event, CSOs will be flooded with donations from within and mostly outside of the country. CSOs and NGOs are in one of the few industries that often expect strong financial performance after a major crisis”.
