On August 5, 2024, businesses in Nigeria reopened amidst continuous protests against the nation’s cost-of-living crisis; yet, protesters continued their efforts in spite of the restart of economic operations. The demonstrations, which focus on poor administration and economic mismanagement, have resulted in numerous arrests. A number of people were detained by the Department of State Services (DSS) on “treason” accusations after they allegedly distributed Russian flags and caused chaos. In relation to the End Bad Governance protests, 873 persons have been arrested in Nigeria. While consumer turnout was low and Security was tightened in some places, some businesses in Lagos, like as banks and markets, resumed operations.
Following prior protest-instigated closures, government offices in Lagos reopened with a robust security presence. At the same time, companies in the capital city of Abuja, Nigeria, gradually began operations; several of them changed their hours and put safety precautions in place. The lack of public transportation even after it reopened caused many locals to have lengthy commutes. Following instances of looting and property destruction, the protests have intensified in other states, including Kano and Kaduna. Bola Tinubu, the leader of the Nigerian National Security Council, has issued a warning against trying to overthrow the current government and threatened to prosecute anyone who incites disturbance.
Nigeria experienced its greatest inflation rate in decades in July 2024.
Due to a confluence of economic mismanagement, rising inflation, and unemployment, Nigeria has been experiencing a severe problem related to the cost of living. Rising food costs, a collapsing naira, and pervasive Poverty are the main causes of the problem; they have all been made worse by the elimination of Fuel Subsidies and the imposition of several taxes. Nigeria experienced its greatest Inflation rate in decades in July 2024, rising to almost 22%, with food inflation reaching around 30%. The present demonstrations bear similarities to earlier movements in Nigeria, such the 2020 End SARS demonstrations, which started out as a Protest against police brutality but eventually expanded to include calls for improved governance and economic changes.
There is a persistent worry of a repeat of the #EndSARS protests, which resulted in bloodshed and extensive destruction and left a lasting scar on the country. Government representatives have made their positions known by loud statements. The Force’s public relations officer, Muyiwa Adejobi, said, “We recognize the people’s frustration, but we will not stand for actions that jeopardize national security. There have already been some arrests, and if more are needed, more will happen. Due to the economic downturn and protests, business owners have forced to make tough choices.
Additionally raising the cost of living is the depreciation of the naira.
Speaking about how the protests are affecting his company, Mic2Davgadgets CEO Emmanuel Nonye said, “We are losing money every day, but we also understand why people are protesting.” To make sure my workers can return home safely, I had to reduce my operation hours.” These protests were sparked by extremely dire economic conditions. At roughly 33%, the Unemployment rate is still high, especially for young people. Nigeria’s Economy appears to benefit a select few, leaving many young people feeling left behind. Additionally raising the Cost Of Living is the depreciation of the naira, which has led to higher import prices.
Over 40% of Nigerians, according to the World Bank, are estimated to be impoverished, and if present trends continue, this number is projected to increase. Experts caution that Nigeria’s political stability and economy may suffer long-term effects from the current protests. Economist Dr. Ayo Teriba contends that “deeper economic malaise is reflected in the protests. These protests will continue to erupt if the government does not address the underlying problems, which include economic disparity, corruption, and bad governance.”
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Jide Ojo, a political expert, says, “The government’s heavy-handed response may suppress the protests for now, but without meaningful reforms, the underlying issues will persist, potentially leading to more widespread unrest.” Nigeria’s predicament serves as a reminder of the difficult balancing act that must be struck between upholding law and order and attending to the justifiable complaints of a populace that is experiencing extreme poverty. The way the government responds to the protests will probably decide how Nigeria’s political and economic environment develops in the future.