AFP, Lagos :
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.
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.
