Election shift: Nigeria has lost $1.5bn – LCCI

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According to the Lagos Chambers of Commerce and Industry (LCCI), Nigeria is about to lose about $1.5 billion, due to the postponement of the general elections.

Election shift_ Nigeria has lost $1.5bn - LCCI lailasnews

This was made known by the Director General of the LCCI, Muda Yusuf, during a telephone interview with INDEPENDENT.

Yusuf asserted that the country would loss nothing less than the said amount because of the shutdown of the economy for a day. He said;

“We shutdown the economy for a whole day, that means the different output of the economy for a whole day is practically gone. We are talking about within the range of $1.5billion. Now even before today because of the election, the tempo of the economy activities has gone down,”

The DG also noted that Friday for instance was more like an half day for many businesses.

“Yesterday for instance was more like an half day for many businesses, quite a lot of people have travelled from different parts to another location so that they can vote, that also came at a very huge cost to them.

“There is also the cost that has been expended by INEC; huge amount of money to mobilize people to different locations to support logistics, to get ad-hoc staff to move to different locations, these are huge national resources that have been committed; all that has been practically put to waste.

“So really, the cost has been horrendous on the economy and the sacrifices on the individuals and business has also been enormous,” he added.

Gunmen abduct four INEC officials in Bauchi state

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  1. You should resign to save your reputation as a Good Political Scientist who took over from a reputable one like Prof Attahiru Jega

  2. Dissapointing outing,you could have really well like Prof.Attahiru Jega..pls just throw in the towel

  3. Hmmm, this is just the beginning of our loss. If we don’t do away with this clueless government it will be hard for Nigeria to move forward.

  4. This country is in a mess can you imagine the amount lost due to this postponements there must be a change of government

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