The current state of insecurity and sit-at-home protest in the South-East region has led to economic losses estimated at almost N4 trillion, a new report by DevEast Foundation, a non-profit and business advocacy organisation, has revealed.
Recall that last year, the sit-at-home directive was introduced in the region by the outlawed Indigenous People of Biafra (IPOB) to protest the detention of its leader, Nnamdi Kanu, who is standing trial for alleged treason and terrorism.
However, on August 14, 2021, the group announced a suspension of the order but modified it to whenever Kanu appears in court
DevEast said the report, titled: ‘South East Economy: The Cost of Insecurity and Sit-At-Home Protest on the Business Environment’, was conducted on its behalf by SBM Intelligence, Nigeria’s geo-political intelligence platform.
It said the study was conducted using qualitative and quantitative methods including surveys, in-depth interviews, and focus group discussions.
According to the report, which focused on two categories of businesses – transporters and traders/artisans, said transporters plying inter and intra highways and other roads in the five States of the South-East lose between N10 billion and N13 billion every day of the sit-at-home protest.
The report also said small and medium enterprises mostly involved in trade and commerce, as well as artisans lost between N655 billion and N3.8 trillion within 24 months.
More so, the report found that violence was used to enforce sit-at-home as defaulters were threatened with destruction and loss of property, among other repercussions.
Although all states were affected by violence and threats of violence, it said respondents from Ebonyi State witnessed more aggression compared to other states.
DevEast advised that the state governments need to create intervention plans that increase the liquidity for the people and support them to be able to spend those resources to lubricate the south-east economy in the short-term.
