Postponed election costs Nigeria dearly

Nigerians who were surprised when the country’s presidential election was postponed on 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,” Lagos Chamber of Commerce and Industry general director Muda Yusuf, who advanced an estimate of $1.5bn (R21bn), said.

“The economy was on partial shutdown the day before, and total shutdown on Saturday for the elections,” he said.

The Independent Electoral Commission announced the one-week delay just hours before polls to elect the head of Africa’s most populous nation and MPs were to open.

It 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 190million people facing unemployment and extreme poverty took a real financial hit.

For many, the cost of leaving cities where they work to go home and vote in their native regions is substantial.

Many businesses, including the critical port of Lagos, had shut down on Friday so staff could leave cities before an election-related curfew took effect on Saturday from 8am to 6pm. Airports and border crossing points had stopped operating as well.

For economist Bismark Rewane, however, “the most important cost . . . is the reputational cost.

“Investors’ confidence will be eroded.”