Fidelity bank banner Bayelsa State banner
Nigeria loses N400 billion to postponement of 2015 elections

By News Express on 03/03/2015

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 2,757


The postponement of the 2015 general elections by six weeks has cost Nigeria about N400 billion.

Disclosing this on Monday was the Managing Director of Nigerian Aviation Handling Company (NAHCO Aviance), Norbert Bielderman, in his keynote address at this year’s Nigeria Cargo Summit in Lagos.

While describing 2015 as a crucial year in the Nigeria’s economy because of elections and its associate intrigues, the NAHCO chief said there was no surprise that the economy has been badly hit and worsened by the election postponement.

He stated that the postponement of elections in Nigeria has brought about loss of confidence for existing and new investments, which have found their destinations to other countries.

Bielderman said that the travel bans slammed by the European countries has also contributed to the huge loss.

His words: “There have been travel bans from many European countries and this has negatively impacted the aviation sector. Nigeria’s foreign reserves are significantly depleted and our national account is in deficit. The crash in oil price and consequent impact on the nation’s revenue earnings, exchange rate move from N155/$ to N205/$ within a six-month period at the interbank and Central Bank of Nigeria’s final closure of the RDAS is a testament to the fact that all is not well with our economy. 

“Implicitly, Naira has been devalued to between 30-40 per cent and this will necessary cause inflation if government does not put in place deliberate measures to mitigate against an upsurge in price across industry.

“We expect they would save rather than spend in months ahead due to rising cost of living, potential job losses, rising children school fees etc. Also, the travel warnings and/ or ban from European Union countries for their citizens coming into Nigeria has assured that many flights from Europe to Nigeria have been either flying half empty to near empty.

“We expect inflation to rise up to 10 per cent or more soon. Furthermore, the cost of fund has also significantly risen with bank interest rates now up to about 26 per cent. This will lead to massive job losses within the private sector and for them to survive this trying time.  In Aviation, the domestic airlines would be worst hit because of current ticket prices are not in sync or responsive to current realities. This is due to unhealthy price wars and pursuit of market dominance at the domestic side of airline business.”

Adapted from a Nigerian Tribune report.

Source News Express

Posted 03/03/2015 02:21:08 AM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
APC National Convention: 60 aspirants pick form

Appeal Court reserves judgement on Lagos DPO who...

Synergising Freedom, Prosperity, Big Government (2)

Two factions claim leadership after IPAC election

Lagos kicks off ‘ember’ months safety campaign

Senate rejects Buhari’s list of non-career ambassadors

Nigeria ready to host African Tourism Ministers, says...

Bayelsa PDP lashes APC, dismisses rumours of Supreme...

NiMET predicts cloudy weather for today

EXPLOSIVE INTERVIEW: Bianca killed my father — Ojukwu...

Edo State Government vows to restore sanity in...

Anambra poll: Obiano, Chidoka vote

 

Latest News BREAKING: Queen of Soul Aretha Franklin, ‘greatest singer of all time’, dies at 76 Godswill Akpabio’s defection to APC shocked and confused me — Elder brother, Isong Akpabio •Says defection cannot make APC win Akwa Ibom FG close to breakthrough on Leah Sharibu’s release — Presidency •Clears air on Daura’s status Woman pushes friend off bridge NYSC releases names of 9 drowned corps members Why 2019 elections will be Nigeria’s most expensive — INEC MASSOB drops threat to disrupt conferment of chieftaincy title on Ganduje Whistleblower: 5,000 tips received, N11bn recovered — Adeosun Naturalised Americans in danger of losing citizenship as Federal officials review thousands of cases Chinese firm to invest in Nigeria’s digital economy, education Demolition Notice: Ayefele’s house contravenes planning laws — Oyo Govt Cash economy fuelling Boko Haram activities: UN report

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (377,413 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (366,456 views) Shameless Genevieve Nnaji exposes breasts in public (296,142 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (241,741 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (222,500 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (217,022 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (192,458 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (174,640 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (159,567 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (158,207 views) Lagos plane crash: Journalist releases victims’ names (152,639 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (142,952 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (56) Business & Economy (3,452) Business Verdict (48) Columnists (909) Complaints & Requests (95) Enterprise & Opportunities (207) Entertainment (528) Features (633) Global Business Monitor (294) International (2,274) Interview (161) Live Commentary (28) Love Matters (134) News (38,048) Opinion (1,057) Pidgin (11) Politics (6,054) Religion (816) Sports (1,646) Stock Watch (33) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Real Madrid vs Atletico Madrid 2-4 Highlights and Goals

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement