The commercial hub of Nigeria, Lagos, loses billions of Naira each day it closes its stalls, malls and offices to business activities due to the enforced economic lockdown. According to premium news media, Vanguard, experts put the loses at N108.05 per day when activities are grounded in the state.
The report elaborated, “In essence, the commercial capital of the nation would have lost over N3 trillion at the end of the 28-day lockdown”.
The lockdown is generating greater economic upheaval. The major markets, including corporate offices – aside those rendering essential services – have been placed under locks. As businesses are presently closed in Lagos to comply with federal order, sources of revenue including IGR have been hammered deeply.
Although the President, Muhammadu Buhari, has announced a phase-by-phase lockdown from May 4, in the state, FCT and Ogun which were placed on lockdown early in the month, economic recovery is expected to be daunting.
Going by data provided by buzznigeria, an online niche media, of the 20 biggest markets in Nigeria, 8 are located in Lagos alone. They comprise the Oshodi Market, the Balogun Market, Alaba International Market, the Idumota Market, Computer Village, Mile 12 Market, the Alade Market, and Oyingbo Market. These are in additions to a strong line of financial houses in Marina, management consulting agencies, malls, tech hubs in Yaba, Ikeja and Victoria Island feeding an estimated 20 million indigenes and providing avenues for tax revenues.