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Why IPOB's Sit-At-Home Is A Contributory Factor To Economic Stagnation Of The South East Region

It is a well-known fact that economic activities and other factors are like the heart beat, it drives the affairs of a successful state. However, when the economics activities of a state are being sabotaged or disrupted by hellbent, it becomes a challenge that needs a holistic approach to deal with the causes from its roots. 

In that regard, it is common knowledge that the South East region of Nigeria has been boiling with the activities of a separatists group, the Indigenous People of Biafra, IPOB led by the embattled Mazi Nnamdi Kanu. The violent group and its security wing, the Eastern Security Network, ESN have been accused of being responsible for the attacks on security formations and destruction of public properties. 

Photos Credit: Twitter and Punch

Arguably, this development has caused several deaths in the past few months. People's sources of livelihood have been truncated by the recent enforcement of the Sit-At-Home order by the outlawed group. Funnily enough, the senseless order is being observed by members of the proscribed IPOB every Monday of the week, which is supposed to be a productive day for serious-minded business people. But due to the Sit-At-Home order, the economic activities of Ndigbo are threatened in a negative way. 

Sadly, recent report from reliable sources has it that the South East region has lost over 50 Billion Naira in four weeks of observing the Sit-At-Home order by the proscribed IPOB. In that regard, leaders in the region and concerned citizens have talked down on this trending issue that is gradually becoming a menace, to say the least. 

Photo Credit: Vanguard

In reference to the foregoing, the Governors of Anambra, Willie Obiano and his Ebonyi counterpart, Dave Umahi, in a report by the Nation have lamented the worrisome situation and the loses their respective states have suffered as the Sit-At-Home order persists. According to the report, the two South East Governors feared that the directive by the outlawed group could completely ground economic activities of the region if nothing is done expediently to halt the situation.

Photos of Governors Willie Obiano and Dave Umahi. Credit: The Sun Nigeria and Vanguard

On his part, Governor Umahi lamented that the losses suffered by Ebonyi State as a result of the situation was "unimaginable." He regretted that the Sit-At-Home protests have "decimated the economy of the South East." Meanwhile, Governor Obiano has threatened to seal any bank or market that joins in the protest forthwith. The Governor, who vehemently spoke against the Sit-At-Home order by the proscribed IPOB, told banks and traders to ignore threats by the outlawed group and resume normal business activities in the state. 

Against this background, it is important for us to assess the aforementioned induced Sit-At-Home order by IPOB as a contributory factor to the recent stagnation of economic activities in the South East region. What do I mean by economic stagnation? It is a prolonged period of little or no growth in an economy of any given society. 

Photo Mix by Oluwapolycarp. Credit: Premium Times

First, the stoppage of economic activities on the first day of a new and working week in order to enforce the Sit-At-Home protests is unreasonable and uncalled for. 

Monday, the first working day of every new week, is supposed to be a day to be productively utilised by business owners and other economic activities and not a day to forcefully ground economic activities in the name of "we're obeying the Sit-At-Home order." As a matter of fact, this could have a way of affecting the South East economy, which could collapse the entire structure if handled with kid gloves. 

Be that as it may, leaders in the region should rise in one accord to fight against this trend to a standstill in the region. The South East region is known to be very strategic in all spheres, but when criminals are allowed to sabotage the economy of the South East, how would they compete with other regions of Nigeria? The people of the South East region are known for being industrious and innovative, and this is evident when President Muhammadu Buhari, in a recent visit to the region, Imo State to be precise, pointed out that Igbo are relevant in Nigeria. 

Photo of President Muhammadu Buhari flanked by Governor Dave Umahi during his visit to Imo State, September 9. Credit: Punch

What does that mean? Well, your guess is as good as mine. In that regard, the proscribed IPOB and ESN should be faced squarely to put this trend behind as history.

Second, prolonged economic stagnation could lead to structural stagnation. Well, it is common knowledge that when an economic system suffers stagnation as a result of longer-term effects, it could lead to deficiency in developing critical sectors and initiating new projects by state governments. This is because during this period of time, the government and the people may not be able to generate enough money to finance projects, leading to borrowing money to sustain the state. When the outlawed group is allowed to continually take advantage by sabotaging the economic system of the region by the Sit-At-Home protests, then, the region may suffer a long-term effect from the foregoing. 

Having said that, all hands must be on deck to fight against this trend in order to rescue and restore the vibrant economy of the South East region.

Content created and supplied by: Oluwapolycarp (via Opera News )

ESN Eastern Security Network IPOB Nigeria South East


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