Nigerian businesses count losses from inflation protests

STORY: Days after hundreds of thousands of people took to the streets across Nigeria in protests against inflation and other economic hardships... business owners are taking stock.

Amnesty International says more than 20 people were killed in the demonstrations that have ebbed after a crackdown by security services.

The situation has led many people to fear traveling, says inter-state transporter Thankgod Iwunze, who is also the chairman of a drivers' union association.

"People are afraid because they don't know what they will meet on the road. So the business is so backslide (backward) because people did not travel because they want to know the outcome of the protest."

Rallies were largely peaceful in the commercial hub of Lagos.

But many stores rolled down shutters and customers stayed home out of caution, traders said.

A Nigerian government minister said the unrest was costing the economy more than $320 million a day.

For clothes seller Michael Nwankwo, shutting down has been devastating.

"On Thursday none of us opened, I didn’t open personally. So it was a huge loss which I don’t know, recovering it, when you consider the economic situation we are in Nigeria, it’s not a child’s play, it’s a serious issue.”

Nigeria's President Bola Tinubu has defended his economic reforms as necessary to reverse years of economic mismanagement.

Tinubu has called for a dialogue and a suspension of the protests... but some who marched on Friday in memory of those who died during clashes with police say he has more to do.

"...that is why I’m out: to demand that the president meets all of our demands and to end bad governance in this country.’’