Monday, March 25, 2019 | ePaper

Nigeria counts cost of postponed presidential poll

  • Print
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.
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.

More News For this Category

Sri Lanka opens work on $3.85b refinery near strategic port

AFP, Hambantota :Sri Lanka began construction Sunday of a nearly $4 billion oil refinery it hopes will revive foreign interest in its shipping facilities after Beijing's takeover of a

Italy, China sign new 'Silk Road' protocol

AFP, Rome :Italy on Saturday signed a "non-binding" protocol with China to take part in Beijing's new "Silk Road" of transport and trade links stretching from Asia to Europe.In

Prof. Dr. Md. Salim Uddin, FCA, FCMA, Chairman, Executive Committee of Islami Bank Bangladesh Limited and Chairman of Bangladesh House Building Finance Corporation addressing a conference of 'Insurance Fair' organized by Insurance Development and Regulatory Authority-IDRA as special guest in Chattogram recently.

Prof. Dr. Md. Salim Uddin, FCA, FCMA, Chairman, Executive Committee of Islami Bank Bangladesh Limited and Chairman of Bangladesh House Building Finance Corporation addressing a conference of 'Insurance Fair' organized by Insurance Development and Regulatory Authority-IDRA as special guest in Chattogram recently.

.

Turkish Arcelik group buys Singer Bangladesh's controlling stake for $75m

Economic Reporter :Turkey based home appliance manufacturing group Arcelik to acquire controlling stake of 57 per cent of Singer Bangladesh from Netherlands based Retail Holdings group for $75 million

BEPZA donates 3954 bags of blood at a time

BEPZA donates 3954 bags of blood at a time

Business DeskĀ  :Bangladesh Export Processing Zones Authority (BEPZA) set unique example by donating 3954 bags of blood at a time on Sunday in remembrance of the genocide of black

Humayun for product diversification in state-owned sugar mills

Economic Reporter :Industries Minister Nurul Majid Mahmud Humayun Sunday laid emphasis on taking programmes for product diversifying in the state-owned sugar mills to achieve the capacity for sustaining in

M. Shahidul Islam, Managing Director of Shahjalal Islami Bank Ltd, inaugurating its 123rd branch at Uttarkhan, Uttara in Dhaka on Sunday. Additional Managing Director of the Bank Md Abdul Aziz presided.

M. Shahidul Islam, Managing Director of Shahjalal Islami Bank Ltd, inaugurating its 123rd branch at Uttarkhan, Uttara in Dhaka on Sunday. Additional Managing Director of the Bank Md Abdul Aziz presided.

.

No deposit, lending in business dev center: BB

Economic Reporter :Bangladesh Bank (BB) Sunday asked financial institutions (FIs) to avoid all financial transactions involving taking deposit and giving loan or lease in the business development centers, according

BIDA chief for projecting investment opportunities before world

Economic Reporter :Bangladesh Investment Development Authority (BIDA) Executive Chairman Kazi M Aminul Islam today underscored the need for taking initiatives through the Bangladesh missions to project the country's investment

UAE keen to invest in BD

Staff Reporter :Ambassador of the UAE to Bangladesh Saed-Mohammed Al-Mheiri on Sunday said his country is keen to boost investment in Bangladesh in order to deepen bilateral relations.''My country