Nigeria In One Minute
Collosal: Economy could lose $10 billion, experts warn
By midday, yesterday, the colossal loss to the nation’s economy, arising from the postponement of the general elections, hours before the exercise was scheduled to begin, was obvious. Analysts said the nation could lose about $10 billion due to slow down in business activities caused by the one week postponement.
But in the estimation of the Director-General of Lagos Chambre of Commerce and Industry (LCCI), Mr Muda Yusuf, the economy could have lost about $1.5 billion.
Sources at the ports put the losses in the sector alone at a minimum of N600 million. The ports across the nation had been shut down on Friday ahead of the Saturday’s polls.
One of the major implications of the general elections’ shift, according to experts, was an immediate threat to investors’ confidence which was speculatively building up in the financial markets in the past two weeks.
Vanguard, Sunday 17, February.
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