Economy, Businesses Lost More Than N1trn to Flooding in Two Weeks

Flooding in parts of Nigeria has crippled many businesses which experts have put at a loss of about N1 trillion.

Investors King understands that the last two weeks have been a nightmare for many communities in Benue, Anambra, Niger, Nasarawa and other states in Nigeria that are worst hit by the flood.

Our correspondent learnt that the flood which took over the Lokoja-Abuja Federal Highway caused a stall in vehicular movement. Goods and materials coming from the South, particularly from the South West were stuck up along the highway. 

Petrol-loaded trucks coming from Lagos were also affected which caused a huge disruption in the supply chain to Abuja. Subsequently, many gas stations were shut down in Abuja while the few that dispense petrol witnessed long queues of customers.

The National Emergency Management Agency (NEMA), disclosed that many houses have been submerged and a large chunk of dry land was cut off due to the flooding. The agency also stated that more than 80 lives were lost while 600,000 persons were displaced. 

Similarly, Kogi State Governor, Yahaya Bello said the flood crisis in Kogi needs all the attention it can get. The governor disclosed that Kogi State’s worst-hit Ibaji district is “100 percent underwater” while calling for quick intervention.

Meanwhile, while reacting to the flood crises, a Wealth Management expert and CEO of SD & D Capital Management Limited, Mr Idakolo Gbolade said the Nigerian economy and businesses have lost over N1 Trillion in two weeks to this year’s flooding.

He said “The flooding has affected Nigeria’s economy and businesses greatly. Billions of businesses plying the Lokoja-Abuja road have been stranded for over 15 days now. 

For instance, tankers using Lokoja road to supply petrol to North Central and Abuja have been held up in Lokoja. This will no doubt affect businesses relying on fuel for energy”. 

In addition, the Director-General of the Nigerian Meteorological Agency, Prof. Mansur Matazu on Tuesday revealed that the North Central and Southern zones should expect more flooding. This could further worsen the already bad situations within the concerned regions.