Lagos – Muda Yusuf, Director General of the Lagos Chambers of Commerce and Industry (LCCI) has said that Nigeria would lose about $1.5 billion owing to the postponement of the general elections.
In 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.
“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,” he said.
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.
Source:- Independentng
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