ENDSARS unrest and its adverse economic implications on businesses, an example of EFx.
Nigeria has been striving to recover from the devastating impact covid ’19 pandemic foisted on the economy. Some Economists have submitted that an escape from slipping into another recession will only be by a breath of air. Notably, businesses have been negatively impacted by the outbreak.
Unfortunately, in the last couple of weeks, the country has been enveloped by the #ENDSARS turmoil— a crusade against police brutality and a call for its reform— which has, incontestably, been having a negative effect on its economic growth. Deaths have been recorded. Vandalism has taken place. In the wake of the protest, a looting spree was witnessed across the country. This has caused a fresh tragedy for fast growing businesses and firms.
How has this affected business?
In a statement, dated 27th of October, 2020, released by Elegance Flagx Commodities Limited (EFX), a financial outfit, it was revealed that, vandalisation of properties and looting of shops in Ilorin part of Kwara state was having a telling effect on businesses.
Mr. Adegoke Muideen Abayomi, the CEO EFX, a business expert and financial analyst, disclosed that that there had been a significant decline in investments from EFX partner in comparison to the investment portfolio in the past months (precedence) explained the effects of the recent civil unrest on EFX and other businesses in the country.
Mr. Muideen, who is also a business expert and financial analyst, said “We believe that most businesses and business owners whose businesses and outlets were looted have been seriously affected too; consequently, it has activated a form of decline in the numbers of investors that patronise us”.
Further more, he noted that EFX braches have been on temporary closure since the protest and hoodlum attacks got intense. “We have not been able to have in-office visits by walk-in customers/clients”, he said.
EFX Academy had planned to organise a training for young Nigerians in the act of business and introduce them into the entrepreneurial world. However, the civil unrest halted this plan even though all facilities had been erected for the launching and other arrangements made.
Notwithstanding, Muyideen showed support for the development of Nigeria, he stated “EFX is committed to having a better Nigeria, we demand better governance and we encourage the government to meet the demands of the people”.
The crises has done a similar damage to business operations of other businesses across the country. The EFX boss, therefore, he appealed to the government to lend their supporting hand to businesses that been affected.
“Our thoughts are with clients, business owners, entrepreneurs who have lost their businesses to the ugly events of the looting and vandalism. We pray for strength to continue and forge ahead in these difficult times”.
Condemning the violence that has erupted as a result of the hijack of the peaceful protest of the youths, he said “we stand with the youth to End Police Brutality. But we condemn violence within states and around the country”. “There is no justification for thievery and vandalism. “They are punishable crimes. And we are imploring the security agencies to help apprehend these criminals”