Elections postponement caused Nigeria's economy $1.5bn loss - LCCI boss
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Elections postponement caused Nigeria's economy $1.5bn loss - LCCI boss

- Nigeria's economy is said to have lost about $1.5bn to the postponement of the 2019 general elections

- The director general of the Lagos Chamber of Commerce and Industry, Muda Yusuf, made the revelation

- Yusuf says the postponement of the elections caused very serious disruptions to the nation’s economy and businesses

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.

Legit.ng recalls that the presidential and governorship elections originally scheduled for February 16 and March 2 were postponed to February 23 and March 9, respectively by the Independent National Electoral Commission (INEC).

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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."

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Meanwhile, Legit.ng previously reported that the national leader of the All Progressives Congress (APC), Asiwaju Bola Tinubu, urged Nigerians to remain committed and not allow the election postponement deter them from exercising their rights on February 23.

Tinubu made the call in a statement made available to newsmen on Saturday in Lagos by his media officer, Tunde Rahman.

Presidential and National Assembly elections slated for February 16 were shifted till February 23 by the Independent National Electoral Commission (INEC) on Saturday, hours to the commencement of the polls.

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Source: Legit

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