TheCable

A new report by SBM Intelligence, Nigeria’s geopolitical intelligence platform, said 43 percent of small businesses in Lagos state lost over N1 million each to looting during the #EndSARS protest.

The #EndSARS peaceful protests against police brutality degenerated into vandalisation and looting of malls, shops, private and public properties by hoodlums.

The report titled, “Protests and Business”, showed that 29 percent of businesses surveyed lost between N500,000 and N1 million; 14 percent lost between N150,000 and 500,000; 14 percent lost less than N150,000.

SBM surveyed and interviewed 180 business owners in two locations in Lagos state: Oshodi Isolo, and Lagos Mainland.

“We asked them how they viewed the protest and majority of the businesses including those that were affected and whose shops were looted and burgled said they support the protest, stating that it is a good cause (98%),” the report read.

“An overwhelming majority of our respondents are very optimistic about the outcome of the protest, stating that it is a starting point for rebuilding the country. They believe that the youth are taking a stand on an important issue and the government should agree with all the demands that were made by the protesters.”

According to the report, Nigerians now feel the effects of looting as perishable food items such as vegetable, tomatoes, onions, are now scarce.

The report recommended, among others, that businesses need to take insurance seriously, noting that the insurance sector should also be more innovative to attract customers.

It also suggested that the government should conduct proper investigation and ensure the perpetrators of such dastardly acts face the full wrath of the law.

The report advised business owners to document losses suffered and seek financial assistance from the government.

“For the smaller businesses resident in Lagos, the Lagos state government has offered funds to help rebuild businesses through the Lagos State Employment Trust Fund (LSETF). At the last count, more than 3,500 businesses have applied for relief funds, a sign of the scale of the damage across the state. Many state governments will likely have their own relief programs, though resources are tight.”