The Governor of Central Bank of Nigeria (CBN), Godwin Emefiele has revealed that the unrest witnessed in Lagos State following the EndSARS protest would cause the state’s economy to suffer catastrophic consequences if recovery effort to protect it is not sustained.
Emefiele disclosed this yesterday, November 16 2020 during the Rebuild Lagos Trust Fund Program hosted by the Lagos State Governor. He further emphasized that the unrest impacted greatly on the national economy, also stressing that Lagos particularly must sustain the recovery effort to protect its economy from catastrophic consequences.
The CBN Governor further disclosed that the Bankers’ Committee and key stakeholders in the private sector would be unveiling a recovery blueprint next week to support all households and businesses affected by the crisis. He explained that the intervention is being delivered under Coalition Against Covid-19 (Ca-COVID) to rebuild all the razed police stations and to establish a five-year plan to generate millions of job for the youth.
“I am pleased to note that the Ca-COVID Alliance will, over the next week, be unveiling a blueprint that will provide details of our planned support that positively affect households and businesses. This is in addition to measures that will create millions of jobs for our youths over the next five years. Many parts of the country were affected by the unrest, but Lagos remains the worst hit.” Emefiele said
Emefiele also stated that “The Ca-COVID Alliance is fully aware of the vital relationship between security and a prosperous economy. The damage done on police stations in different parts of the country can undermine provision of adequate security, which is vital to households and businesses. The Ca-COVID Alliance is committed to the rebuilding and rehabilitation of all the 44 police stations destroyed in the unrest. More than half of the police stations are in Lagos; funds will be provided to rebuild these stations.”
He also disclosed that the Bankers’ Committee had started to take stock of private businesses destroyed in the violence, pointing out that those with existing loan facilities and those with no loan will be supported to come back on their feet.