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Election postponement costs nation about $1.5billion loss

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Lagos Chamber of Commerce and Industry (LCCI) has stated that the postponement of the Presidential election by INEC cost the nation no less than $1.2billion loss owing to the disruption of activities across the states.

Independent National Electoral Commission (INEC) postponed the general elections a few hours to the commencement.

The elections scheduled to commence Saturday, February 16 with the presidential and National Assembly elections, will be held February 23. Governorship and state houses of assembly elections will take place on March 9.

The Director General of the Chamber, Muda Yusuf in a chat with The Guardian noted that several activities were disrupted as a result of the postponement adding that a slowdown should be expected in the days ahead till the elections are conducted.

Yusuf stated that many SMEs’ activities were affected; the airports and seaports were shut down while many people have had to move from one location to another.

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He noted that the impact of the loss will be felt across the sectors of the economy, especially for activities scheduled for February 23rd, the new date for the elections.

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