Major cities in South-East Nigeria closed down their business for a day on May 30th Business analysts said Nigeria lost the sum of N6.2 billion on that day.The group that initiated the sit-at-home, however said they are unfazed by the loss of money during the one day protest.
A survey allegedly conducted after the May 30 Biafra sit-at-home order in South-East Nigeria has revealed that Nigeria suffered a major loss of N6.2 billion on that day.
The sit-at-home order in south-east which was to mark the remembrance of fallen Biafran heroes recorded about 90% percent compliance in major cities and markets in the south-east.
Business community reportedly recorded an estimated loss of N6.2 billion in executed transactions as businesses and other revenue offices were shut.
The N6.2 billion, according to business analysts, is based on national data that Nigeria loses about N46 billion on each holiday it observes, and the regions which took part in the sit-at-home exercise, even as they contend, that the actual losses may be far more.
An Onitsha-based importer, Mr Peter Duruaku, said he lost much because the sit-home came a day after a national public holiday, Democracy Day.
Duruaku said: “I was expecting delivery of my goods on Monday, May 29, but the holiday made it impossible. Then Tuesday’s order came, with both days now compelling me to cough out N250,000 as demurrage and related charges to the ship and warehouse."
An ex-banker, Mr Johnson Durojaiye, quoting some statistics, said with the Nigerian business community suffering billions of naira in costs from each holiday observed in the country, even when the informal sector is alive on most holidays, a total shut down of both the formal and informal sectors, as was done on Tuesday is bound to cost the economy more than has been estimated.
He said: “In that regard, the volume of business transactions lost to the sit-at-home order in the affected regions, known for their business activities, can only be an issue for debate, but when National Office of Statistics comes out with the figure on the cost, many will be shocked."
According to Durojaiye, part of the ways of seeing Nigeria have robust economy is to strife to reduce the number of holidays and any occasion like the pro-Biafran group’s order that can make shutting down of all business houses possible.
The chief coordinator of the action committee on the programme, made up of the Movement for the Actualisation of the Sovereign State of Biafra (MASSOB) and Indigenous People of Biafra (IPOB) Mr Uchenna Madu, said those reeling out statistics on the losses caused by the action did not get the feelings of the people that the struggle was aimed at bettering their lives.
Madu said: “Those giving out statistics on the costs of the programme are not the ones that the success of our demands will favour, hence their subtle move to paint a picture of business transactions’ suffering huge losses to cause division. But so long as the message has been delivered to those who should hear it, we are satisfied."
He confirmed that apart from few banks and government offices that opened briefly for business, in states outside the south east, all other institutions including schools and all markets and shops were closed.
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