… Black market sells above N1000/Litre
A wave of protests sweeping Africa’s biggest economy has brought economic activities to a near standstill, with petrol stations emerging as stark symbols of the crisis.
BusinessDay findings showed the once bustling petrol station outlets have transformed into desolate ghost towns as fuel scarcity bites hard protesters made good of their threat today (Thursday) by gathering in designated locations across the country to protest against hardship in the country.
The Enyo, NNPC, Total and Mobil filling stations along Lekki-Epe Expressway are all shutdown, providing a stark contrast to the chaos on the streets.
TotalEnergies, Starco and Saitaru filling stations along Doyin-Surulere axis in Lagos state are also shut down with many tricycles turning the stations to a parks as they couldn’t get fuel.
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BusinessDay gathered that black marketers have since taken advantage of the situation, selling as high as N1,300 per litre and N1,500 per litre in parts of Lagos and Ogun states.
“I got petrol for N800 per litre this morning at the black market opposite TotalEnergies but now the guy has closed and the price is going for N1,000 per litre,” Morufu Disu, a commercial tricyclist told BusinessDay at Eric Moore. “I am on my way home now because (as you can see) the area is empty, no customers and no fuel.”
Christopher Izu, also a commercial tricyclist in the area said only Mobil filling station along Apapa road from Costain was selling petrol, “but the queue this morning was a lot,” he said. “I am going there later because I can’t buy petrol foe N1,000 per litre.”
Further findings showed several businesses were affected by protest, as some businesses and shop owners failed to open for business owing to anxiety of possible mayhem.
Videos seen on social media showed major areas in Kaduna, Port Harcourt, Port Harcourt, Kaduna, Sokoto, Abuja, and Lagos among others, are empty and deserted as protesters take to the streets to express their grievances over poor living conditions.
At Ikeja, a Lagos metropolis, several shops were shut, while some others opened shop partially amid fears. The same situation occurred at Oshodi, Ile-Epo market, and Sango-Ota, among others.
The Centre for the Promotion of Private Enterprise (CPPE) has cautioned that the protests could inflict an estimated daily loss of N400 billion, with severe consequences for the country and its citizens.
Muda Yusuf, director of CPPE in a statement said: “The protests could inflict an estimated daily loss of N400 billion, if not properly managed. The consequences of such a huge loss for the country and the citizens would be very severe,” he said.
The protests, organised by various groups in the country, are aimed at drawing attention to the country’s economic woes, including high inflation, production costs, unemployment and hunger.
Yusuf said: “There is a high risk of shutdowns and disruptions in major sectors of the economy. This is in addition to risks to lives and properties of innocent citizens and corporate bodies,”
The CPPE however urged the administration to implement its economic stabilisation plan to ease production costs and reduce inflationary pressures.
Francis Meshioye, president of the Manufacturers Association of Nigeria (MAN) said the Organised Private Sector (OPS) as representatives of the business community, is acutely aware of the potential economic impact of mass protests.
He said: “Our members are crucial drivers of economic growth and job creation.
“We have continuously engaged with the government at various levels to find lasting solutions to the economic challenges facing our nation.
“It is crucial to remember that many businesses are still recovering from the substantial losses incurred during the hijacked End SARS protests a few years ago.”
He called on security agencies to ensure the protection of lives and properties during this period, adding that the OPSN remains steadfast in its commitment to collaborate with all relevant stakeholders to promote a peaceful and prosperous Nigeria for all its citizens.
