Nigeria loses $1.5bn as a result of poll postponement by INEC – LCCI

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Abideen Muhammed

The postponement of the 2019 general elections is said to have caused the nation’s economy about $1.5bn loss.

Nigerian Tribune reports that the disclosure was made by the director general of the Lagos Chamber of Commerce and Industry (LCCI), Muda Yusuf.

OJOMEDIALINE recalls that the Independent National Electoral Commission (INEC) due to logistics postponed the Presidential election initially scheduled for February 16, 2019 and others.

Yusuf said: “The postponement of the elections has caused very serious disruptions to the nation’s economy and businesses. Many investors have lost a lot of money, and the loss to the economy due to the postponement cannot be less than 1.5bn US Dollars.”

“Talking about the maritime sector of the economy, which is a very critical sector, what has happened would have cost, not just those who are directly involved in the sector billions of money, but also importers and businesses who normally get their raw materials through the ports.

“Due to the election which led to early closure of work at the ports, many businesses would have suffered delays in their efforts to clear their cargoes, which could lead also to delay in getting raw materials to factories”, he concluded.

A report compiled by SB Morgen and Civic Media Lab also shows that the lost cut across major sectors of the Nigerian economy. Agriculture experienced a highest lost like 25% to the Nigerian economy in 2018 was lost to this pronouncement by INEC.

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