Nigeria’s Economy Hit Hard by Hunger Protests, Escalating Violence

Nigeria has faced a tumultuous five days, marked by hunger protests and escalating violence that have severely impacted the economy.

Security red alerts have spread across states, particularly in the North West, where property destruction and looting have been reported in Kaduna, Plateau, and Bauchi.

Authorities have arrested rioters in Abuja and other parts of the North carrying Russian flags, with the Russian Embassy in Nigeria denying any involvement.

The Chief of Defence Staff, General Christopher Musa, labeled the display of Russian flags as treasonable and vowed to take action.

READ ALSO: Shehu Sani incurs anger of Nigerians over suspension of protest, dialogue

The protests, branded #EndBadGovernance, have led to 24-hour curfews in several states, further straining the already struggling economy.

The Association of Small Business Owners of Nigeria (ASBON) estimates a loss of N600 billion in the last five days, with investors losing N92 billion on the Nigeria Exchange Limited by the end of Monday’s trading session.

Despite calls from President Bola Ahmed Tinubu to suspend the protests for dialogue, economic activity remains disrupted, with long fuel queues in Abuja, Nasarawa, and Niger States.

Financial analysts stress the need for immediate government action to address the protesters’ demands and restore stability.