Nigerian businesses, economy lost over N1trn in two weeks to flooding – Expert

Flooding in some parts of Nigeria have crippled many businesses. There is a direct correlation between flooding and survival of businesses.

The Nigerian economy and businesses have lost over N1trillion in two weeks to the flooding crisis, an expert told DAILY POST.

Kogi, Benue, Anambra, Niger, Nasarawa and other states in Nigeria are worst hit by the flood.

Many houses have been submerged, a large chunk of dry land cut off, over 80 lives lost and 600,000 persons displaced according to the National Emergency Management Agency (NEMA).

The flood situation in the Lokoja-Abuja federal highway has caused travelers excruciating pains. Trucks supplying foods items from the South to the North and North to the South have been stalled.

NEMA described the nightmares some Nigerians are facing owing to this year’s deadly flooding, a crisis now demanding global intervention.

Governor of Kogi State, Yayaha Bello said the flood crisis is a near-hell disaster.

He disclosed that Kogi State’s worst-hit Ibaji district is “100 per cent underwater” while calling for quick intervention.

Reacting to the development in a chat on Wednesday with DAILY POST, Financial Inclusion/Wealth Management expert, MD/CEO SD & D Capital Managment Limited, Mr Idakolo Gbolade said the Nigeria economy, businesses have lost over N1trillion Naira in two weeks to this year’s flooding.

According to him, “The recent flooding affects most agrarian areas in Nigeria, thereby affecting the availability, cost of food products.

“The flooding has affected Nigeria economy and businesses greatly. Billions of businesses plying the Lokoja-Abuja road have been stranded for over 15 days now. For instance Fuel Tankers using Lokoja road to supply Premium Motor Spirit(PMS) to North Central and Abuja have been held up in Lokoja because of the flooding crisis. This will no doubt affect businesses relying on fuel for energy.

“Also, Irish potatoes, tomatoes, pepper, onions, carrots, yams and others food Items have witnessed sharp rise as a result of the flooding.

The cost of transporting goods through alternative routes is higher, hence, the price increase.

The Nigeria Economy and businesses have lost over N1trillion naira in two weeks to this year’s flooding crisis”, he stated.

The Director-General of Nigerian Meteorological Agency, Prof. Mansur Matazu on Tuesday revealed that the North Central and Southern zones should expect more flooding.

Meanwhile, calls have been made for both urgent immediate, and permanent solutions to the flooding crisis.

Daily Post