By Tony Obiechina, Abuja
The President of Abuja Chamber for Commerce and Industry (ACCI), Prince Adetokunbo Kayode said on Thursday that businesses worth N900 million were lost in the Federal Capital Territory (FCT) in the aftermath of the #EndSars protests which rocked many parts of the country last month.
Mr. Kayode made the revelation at the opening ceremony of the 15th Abuja International Trade Fair.
He said despite business disruptions caused by the Covid-19 pandemic, it has become relevant for the trade fair to take place in order 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 jobless people who with any slight chance will light fire” he said.
Speaking on the country’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.
Kayode however stated that Nigeria must develop local industries with at least 104 industrial parks due to it’s contributions to national economy.
He added that to boost production which will in turn lead to economic growth, Nigeria can expand the number of it’s industrial parks, while recommending a minimum of 5 industrial parks for each states.
In his remarks, the Minister of Industry, Trade and Investment, Otunba Niyi 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.”
According to the minister, the bid for Dr. Ngozi Okonjo-Iweala to head the WTO will also serve as an added advantage for the country in the area of trade engagements and development.
Prompt News Online reports that about 500 local and foreign exhibitors are participating in the Trade Fair, with the theme: “Trade and Commerce Beyond Borders”, and which is scheduled to end on 4th December, 2020.
