Nigeria Loses N250billion (US$1.6 billion) To Ongoing Strike – LCCI

The Director General of the Lagos Chamber of Commerce and Industry, LCCI, Muda Yusuf, on Wednesday said that the country is losing a whopping N82 billion daily to the on-going strike, which started since Monday.

Many economic activities in the country have been crippled by the ongoing strike which has entered its third day.

Speaking to the News Agency of Nigeria, NAN, in Lagos, Mr. Yusuf said he arrived at the figure based on the country’s national output.

In his words, “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.”

“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.

According to him, the investors are also affected 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.


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