Protests which began in opposition to the Nigerian government's widely unpopular Special Anti-Robbery Squad (SARS) have morphed into a widespread, leaderless movement against police brutality, economic mismanagement, rampant corruption and arbitrary state power.

But as the protests gain traction — both at home and abroad — there are growing concerns about the state's response to the movement and what all of this could mean for the country's economy.

The government is under growing pressure to deliver reforms amid the mass civil unrest, but analysts are concerned that the planned fiscally conservative policies, which may have aided the economic recovery, will become increasingly difficult to implement.

What's more, the heavy-handed nature of the government's response to protests has damaged its standing both domestically and internationally, heightening political uncertainty as the country looks to emerge from the crisis.

Africa's largest economy remains heavily dependent on oil, which constitutes around 80% of its exports, 50% of government revenue and 30% of banking credit, according to the World Bank.

The latest OPEC figures confirm that Nigeria is sticking to supply cut agreements by keeping oil production below 1.5 million barrels per day in September. Combined with low global oil prices, this means tighter foreign exchange liquidity conditions with adverse consequences for businesses importing goods from abroad, according to NKC African Economics Head of Macroeconomic Consulting Cobus de Hart.

"In turn, tight FX liquidity, product shortages, higher fuel prices, and flooding serve to push inflation sharply higher, weighing on consumer demand," de Hart said in a recent research note.