Businesses in FCT loss N900m over EndSARS crisis – ACCI

The President of Abuja Chamber for Commerce and Industry (ACCI), Prince Adetokunbo Kayode says 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. = According to him, despite businesses disruptions caused by the Covid-19 pandemic, it has become relevant for the trade fair to take place for investors and business to harmonize and promote trade in the country.

“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 who are jobless who with any slight chance will light the fire,” he said.

Speaking on Nigeria’s recession, The ACCI president blamed low activities in both domestic and international levels which affected economic growth in the first and second quarter of 2020.

He, however, expressed optimism that the economy will exit recession in no time, just like the scenario that played out in 2016.

He, however, stated that Nigeria must develop local industries with at least 104 industrial parks due to its contributions to the national economy.

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He added that boost production which will, in turn, lead to economic growth, Nigeria can expand the number of its industrial parks, while recommending a minimum of 5 industrial parks for each state.

In his remarks, the minister of industry, trade and investment, Otunba Richard Adebayo stated that over the years, 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.

He added that “N2.3 trillion Economic Sustainable Plan by the federal government was targeted at boosting growth and empowering businesses which is why the government prioritized MSMEs.”