The public holiday declared on Wednesday, March 28, by the Lagos state government ahead of President Muhammadu Buhari’s visit has cost it N1.28bn
– Traders at the famous Computer Village regret the shutdown of the market which caused huge losses for them
– Also, many passengers missed their flights at the Murtala Muhammed International Airport (MMIA) as key routes leading to the location were blocked
Analysts at Proshare Nigeria have reported that the public holiday declared by the Lagos state government on Thursday, March 29, in expectation of President Muhammadu Buhari’s visit cost the state N1.28 billion of its revenue.
The analysts on Wednesday, March 29, stated that while it is difficult to assess the impact of the public holiday on Gross Domestic Product (GDP), given that it was mainly observed by only the state’s civil servants, “the sudden nature of the holiday and the linkages between the public and private sector will most definitely shock productivity regarding mobility of labour across the state.
“Expectedly, sections of the informal sector, especially trade, will experience a seizure in act; and from estimates available to us, the public holiday will cost N1.28 billion of Lagos State revenue.” New Telegraph Thursday, March 29 reported that the government’s closure of major routes in the state for the visit resulted in the shutdown of business activities in major parts of Ikeja, the state capital.
Between the early morning hours to well into the afternoon, the popular Information Technology (IT) market popularly referred to as “Computer Village” in the heart of Ikeja, was closed as security personnel blocked access to roads and streets in the area.
Ojikutu Adeniyi, the president of the Computer and Allied Products Dealers Association of Nigeria (CAPDAN), informed newsmen that the the trade centre contributes an estimated N1.5 billion to the nation’s economy daily. Adeniyi stated: “Computer Village provides the highest number of ICT solutions in Nigeria and Africa at large.
The market, also known as the hardware capital of Africa, employs the highest number of graduates in any market in Nigeria and Africa as a whole. “As you are aware, the activities of Computer Village go beyond selling of mobile devices, it is a hub where a lot of technical activities go on.
The level of repairs, refurbishment and software-related activities that are carried out here entails skills that are at par with the expertise needed for manufacturing mobile devices from scratch.”
Moreover, in respect the international and local airports located in Ikeja, it was discovered that many passengers missed their flights because major routes leading to the Murtala Muhammed International Airport (MMIA) and the local airport were blocked, causing some of the airlines and airport workers not to get to their offices.
Referring to the development, a respected economist, Boniface Chizea remaked: “While it is true that the security of the President should be taken very seriously, it should also be borne in mind that Lagos contributes 30 per cent to the country’s GDP. So a lot of effort should always be made not to disrupt economic activities in the state.”
President Muhammadu Buhari, governors of Oyo, Abiola Ajimobi; Kano, Abdullahi Umar Ganduje; Sokoto, Aminu Tambuwal and the former secretary to the state, Babachir Lawal, among other prominent personalities attended Bola Ahmed Tinubu’s 10th Colloquium. Tinubu used the colloquium to commemorate his 66th birthday.
NAIJ.com
