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Nigeria loses N400 billion to postponement of 2015 elections

By News Express on 03/03/2015

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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

 

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