For jumia, the recorded losses didn’t come as a surprise, as they are usually skeptical about insecurities in any economy and due to that, their investments are often influenced as it is in the case of the #EndSARS protest.

While addressing the situation of its operating environment, Jumia said: “EndSARS is a challenge or factor to its market volatility.The ongoing COVID-19 pandemic, as well as the ensuing economic challenges, result in substantial uncertainty concerning our operating environment and financial outlook.

“This may be further exacerbated by instances of social protests, as experienced in Nigeria over the course of October as part of the End SARS campaign. These external factors, combined with a continued focus on cost efficiency and, to a lesser extent, the continued effects of the business mix rebalancing, are likely to drive continued volatility across some of our key performance indicators.

What you should know

 So many factors contribute to losses in the financial market. One of which is ‘event’.

In the operating market, Business and economic cycles aren’t always stable; they expand and decline variably. But it comes as a surprise that companies and investors pay little or absolutely no attention to economic and investment cycles,

However, as witnessed since the start of the month,(October 2020), the Nigeria economy  has experienced  a huge blow due to what looked like a just conclude nationwide protest against police brutality, dubbed #ENDSARS.

The #EndSARS protesters, during their demonstration, disrupted the country’s activities, by impeding people from travelling and restricting access to workplaces. These restrictive activities have negatively impacted the economy, thereby leading to major losses for different sectors of the economy.

The post 2020 Q3: Jumia Records Significant Loss appeared first on Business News in Nigeria.

The Transport Company took to its twitter page to give reasons why actions were suspended. It explained that its actions were due to disruption of peace at the Owode Elede and Mile-12 areas of Lagos state.

“We apologize for the disruption of operations today. Please note that your safety is our number one priority.;

“Today Tuesday, 27 october 2020, around 11.05am, we had no other options than to suspend operations due to the disruption of peace at the Owode Elede and Mile 12 areas of Lagos state. Kindly bear with us as this situation was beyond our control;

“We are putting your safety first, we will continue to monitor the situation and commence operations as soon as normalcy is restored. Please note that the ticket purchased today remains valid on presentation,” the statement read.

Recall that Primero transport service halted operations on Ikorodu to TBS corridor on Saturday 17, October and Sunday 18, October 2020. The transport company said that its actions were based on the protest in Lagos state and other parts of the country.

However, on Tuesday morning, 27 October 2020, some suspected hoodlums hijacked the peaceful #EndSARS protests and took control of the very busy Ketu-Mile-12 axis wreaking havoc on citizens.

The Lagos State Rapid Response Squad immediately rushed in to the scene and forced out the trouble makers.

It’s pertinent to note that the officers have since been professional in their discharge of duties and rules of engagement.

What you should know

In order to protect the livelihood of Nigerians, including the business community, the transport services need to progress to the next stage of civic responsibility. This is necessary to reduce the massive disruptions, blockades, and barricades around Lagos’s major cities.

Urging commuters to bear with the company during this period, Primero expressed its commitment to prioritise conveying commuters safely to their destinations every day, as well as providing fast, affordable, and convenient services to Lagosians every day of the week.

As of the time of publication, policemen are still patrolling to restore peace in Ketu, mile12, Iju Road, Fagba, Ijaye, Ogba where the outburst of violence started.

The post BRT Suspends Operation In Lagos, Here’s Why appeared first on Business News in Nigeria.

While discussing the implications of the protest against police brutality, Toki Mabogunje, the President of Lagos Chamber for Commerce and Industry (LCCI), said the nationwide demonstration has negatively impacted the Nigerian economy.

The LCCI boss noted that the industry appreciates the participation of citizen in the protest and the demands for accountability, but the negative impact it’s having on the economy is alarming.

Her words: “These are in consonance with the democratic norms. They also form vital ingredients for good governance;

“LCCI is however concerned about the negative impact that the protracted nature of the ENDSARS protest has on business activities across the country;

“Over the past 12 days, economic activities have been crippled in most part of the country and have been particularly profound in the urban areas;

“The Nigeria economy has suffered an estimated 700billlion loss in the past 12 days.”

She further suggested that in order to protect the livelihood of Nigerians, including the business community, the #EndSARS protesters need to progress to the next stage of civic engagement, which is dialogue.

“This is necessary to reduce the massive disruptions, blockades and barricades around our major cities and interstate highways. These actions have been at great cost to the economy and the welfare of Nigeria citizen. It should be noted that our economy is still reeling from the shock of the COVID-19 pandemic and struggling to recover from its devastating effects.”

Toki also urged President Muhammadu Buhari to urgently grant audience to the #EndSARS agitators.

“That the government should commit to rapid improvement in governance quality and accountability by effecting necessary institutional policy and regulatory reforms not only for the police but the entire public sector economic system;

“The leadership of the protest should occupy the seats provided to participate in the reforms to be implemented by the government in response to their demands,” she added.

It is almost three weeks since the protest against police brutality across the country began. However, in order to make their agitation effect, the #EndSARS protesters have since taken over major money-making spots like the Lekki tollgate. Not only that, workers have also not been allowed to commute to their various workplaces.

The post LCCI: FG Has Lost N700bn Due To #EndSARS Protest appeared first on Business News in Nigeria.