Nigeria lost N210bn on NASS, presidential election days -Lagos Chamber of Commerce

Posted by admin House, Latest Politics, Legislature, Senate Wednesday, April 20th, 2011

The Lagos Chamber of Commerce and Industry (LCCI) has estimated that Nigeria lost the sum of N210 billion Gross Domestic Product (GDP), a figure which was arrived at, based on the first day of the (National Assembly) election which was later cancelled and the other two days when the rescheduled National Assembly election and the presidential election were held.

Speaking on Wednesday in Lagos at the quarterly press briefing of the chamber, the president of LCCI, Chief Femi Deru, pointed out that for each day of the election, the economy shutdown and losses were recorded in terms of output and income.

“Though the election was inevitable, investors’ confidence was weakened because of the uncertainty that comes with elections, especially with our track record of managing political transitions. An estimated N70 billion was lost daily on the election days which was mainly shouldered by informal sector businesses as many of them depend on daily incomes.”

Chief Deru noted that the late signing of the budget had serious implications for projects that should be executed to improve the investment environment as well as the welfare of the people.

“Many approvals for public sector projects and contracts have not been attended to because of the elections. We are, however, optimistic that the economy would regain momentum as soon as the elections are over.”

The LCCI president commended President Goodluck Jonathan and the chairman of the Independent Electoral Commission (INEC), Proffessor Attahiru Jega, for conducting what it described as a credible and transparent election.

He noted that there was a substantial consensus on the intergrity of the process. “We are on thee threshold of entrenching power of the people to determine who our leaders would be, and this is good for the nation’s image perception and general investors’ confidence. We commend INEC, the security agencies and all Nigerians for making us have a credible and transparent election.”

“There are pockets of areas where there are still challenges, it is emphasizable that democracy is not just about elections. It is about the participation and inclusive engagement. There is need for us to engage those who will emerge as our leaders on issues of transparency, accountability, probity and performance. Our economy has suffered greatly because of the political leadership and high integrity deficit.”

“We hereby urge those with grievances on the outcome of the elctions to channel this through constitutional means rather than resort to acts of violence. Such action would erode the goodwill which the country deservedly earned from the peaceful and orderly conductof the elections.”

-Tribunewp_posts