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

About five states, Kogi, Benue, Anambra, Niger, and Nasarawa were worst hit by the disaster while other states suffered some minimal hits.

According to a statement by the Permanent Secretary, Ministry of Humanitarian Affairs, Disaster Management and Social Development, Nasir Sani-Gwarzo, over 1.4 million citizens have been displaced, with about 500 persons reported dead.

790,254 persons have been relocated from the flood-ravaged areas while 1,546 persons sustained various degrees of injuries. He also confirmed that about 44,099 houses were partially damaged, and 45,249 houses, were totally damaged.

Over 76,000 hectares of farmlands were partially destroyed, while 70,566 hectares of farmlands were totally destroyed.

Speaking on the development, a Financial Inclusion/Wealth Management expert, MD/CEO of SD & D Capital Management Limited, Idakolo Gbolade revealed that the Nigerian economy and businesses lost over N1 trillion Naira in a space of two weeks to this year’s flooding.

Gbolade made this revelation in a chat with Dailypost recently.

According to him, the most part of the economy which has been brutally hit includes agriculture and trade. He noted that most agrarian areas in Nigeria were worst hit by the recent flood thus affecting the availability, and cost of food products.

On the movement of trade, he added that billions of businesses plying the very busy and strategic Lokoja-Abuja road have been stranded for over 15 days now due to flood.

Logistic vehicles like trailers which convey goods and merchandise and fuel tankers that supply Premium Motor Spirit (PMS) to North Central and Abuja and other vehicles moving goods down south have been held up in Lokoja because of the flooding crisis. 

The ripple effect will be that businesses that depend on these products would definitely halt operations and count losses during this period as most perishable goods being transported would lose their value.

Meanwhile, the Director-General of the Nigerian Meteorological Agency, Prof. Mansur Matazu has warned that the North Central and Southern zones should expect more flooding.