Nigerians who were surprised when the country’s presidential election was postponed Saturday might suffer a second shock when they learn the cost, some economists and business leaders say.

“The cost to the economy of the postponement of the election is horrendous,” said Muda Yusuf, general director of the Lagos Chamber of Commerce and Industry who advanced an estimate of $1.5 billion.


“The economy was on partial shutdown the day before, and total shut down on Saturday for the elections” that did not take place, he explained.

The streets of Lagos were still empty early Sunday as the sprawling economic capital of 20 million people recovered from the disappointment and anger provoked by a last minute, one-week delay blamed on logistical issues.

Nigerians who were surprised when the country’s presidential election was postponed Saturday might suffer a second shock when they learn the cost, some economists and business leaders say.

“The cost to the economy of the postponement of the election is horrendous,” said Muda Yusuf, general director of the Lagos Chamber of Commerce and Industry who advanced an estimate of $1.5 billion.


“The economy was on partial shutdown the day before, and total shut down on Saturday for the elections” that did not take place, he explained.

The streets of Lagos were still empty early Sunday as the sprawling economic capital of 20 million people recovered from the disappointment and anger provoked by a last minute, one-week delay blamed on logistical issues.

The Independent Electoral Commission announced the delay just hours before polls to elect the head of Africa’s most populous nation and members of parliament were to open.

The INEC cited problems in the distribution of ballot papers and results sheets, as well as sabotage, after three fires at its offices in two weeks.

The leading candidates, incumbent President Muhammadu Buhari and challenger Abubakar Atiku, both called for calm, but a population of 190 million people facing unemployment and extreme poverty took a real financial hit from the decision.

For many, the cost of leaving cities where they work to go home and vote in their native regions is substantial.

Social media was used meanwhile to organise collections for street vendors who had bought perishable items to sell to voters that often wait in long lines.
The amount ultimately raised was unlikely to make much difference to tens of millions of people who live on less than $1.9 a day, but it did highlight solidarity not always widespread in the country.

Many businesses, including the critical port of Lagos, had shut down Friday so staff could leave cities before an election-related curfew took effect on Saturday from 8:00 am to 6:00 pm.

Airports and border crossing points had stopped operating as well.

For economist Bismark Rewane however, “the most important cost … is the reputational cost.

“Investors’ confidence will be eroded” and in the long term, when indirect costs were taken into account, the delay might cost the equivalent of two percentage points of national output, he said.

In currency terms, Rewane estimated the possible cost at “nine to 10 billion dollars.”


https://punchng.com/the-day-after-experts-estimate-cost-of-postponed-elections/

They will never think straight

Stupid set of people

SAI ATIKU..

buhari is the only president in the history of the world that has scored the record of putting his country into recession twice consecutively first as a military head of state through a coup and second as a democratic president through election rigging. Now he's campaigning for a second term of hardship. I guess he wants to score a recessional hatrick that will wipe out Nigerians like a landslide.Dumbohari needs a brain transplant. The daftest presidiot in the world.

Nigeria can only be better,if we all see our common problem,irrespective of our tribe,religious,or political beliefs
When we are referred to as the poverty headquarter of the world,they didn't say igbo,hausa,or efik as the poorest,but Nigeria as a whole,so it all our problems if we allow stupidity clouds our ability to reason,simply becos of some worthless politicians,who's children are enjoying the best of live,while the masses fight over irrelevant things

The cost may not in any way get close to this figure but its going to be huge. This is the most wasteful government I've ever seen and that's what happens when you fail to plan grom the onset. It took them 7 months to appoint their cabinet members thereby plunge our economy into further woes. Buhari fought corruption with billions of naira and despite this shocking amount, he still lost high profile corruption cases in court, through the EFCC . Shame!