The aftermath of the anti-Finance Bill 2024 protests in Nairobi has left a significant mark on local businesses, with estimates of losses soaring up to KSh 3 billion, according to the Nairobi Youth Business Community.
These protests, which initially began as peaceful demonstrations against the rejected Finance Bill, escalated into vandalism and looting, causing widespread damage to shops and properties.
President William Ruto initially projected the damage at KSh 2.4 billion during a presidential roundtable discussion.
However, the business community has corrected this figure upwards, citing losses that surpass the earlier estimate. The unrest has not only resulted in substantial financial setbacks but also raised concerns about potential job losses across various sectors.
The Nairobi Youth Business Community expressed frustration over the impact of the protests, emphasizing that many businesses were forced to close temporarily due to the damages incurred.
They highlighted the need for swift action from the government and law enforcement agencies to apprehend those responsible for the vandalism, leveraging available CCTV footage and other evidence.
In response to the situation, business owners are contemplating legal action against the perpetrators of the violence.
They have called upon political leaders to prioritize peace and dialogue, urging them to refrain from actions that could further escalate tensions in the country.
Despite the challenges faced, the youth business leaders commended the efforts of Gen Z protesters in advocating for their concerns regarding governance.
They expressed solidarity with the demonstrators while acknowledging the need for constructive engagement to address societal issues without resorting to violence.
The protests, which erupted in late June, led to specific instances of targeted attacks on businesses across Nairobi and beyond.
For instance, Simon Mwanzia of Classic Bookstore reported losses totaling KSh 1 million, while in Nyeri, a chain store linked to MP Wainaina Njoroge incurred losses exceeding KSh 500 million.