Nigeria loses over N2 trillion after election postponement

Intro

The Nigeria business was greatly hit by the decision of the Independent National Electoral Commission (INEC) to postpone the presidential and National Assembly elections.

The country lost $7.605 billion (N2.737 trillion) which is about two per cent of the country’s Gross Domestic Product (GDP), which is approximately $427 billion.

Some states had declared Friday a work-free day, which has clear economic implications. In addition, many businesses and financial institutions also operated half-day last Friday because of the elections, just as the three tiers of government deployed their personnel to special assignments in relation to the elections.

According to the Chief Executive of the Financial Derivatives Company Limited, Mr. Bismarck Rewane, in an interview with newsmen said, the costs associated with the postponement of the elections to include direct cost, disruption cost, opportunity cost, consequential cost, and reputational cost.

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He said,“With Nigeria’s GDP at about $427 billion, divide that by 365 days, you will get the GDP per day of $1.170 billion.

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