SOURCE (abridged): https://nairametrics.com/2019/02/16/inecs-shift-of-the-2019-elections-may-have-cost-nigerians-over-n500-billion/amp/

INEC’s shift of 2019 Presidential and National Assembly elections may have cost Nigerians over N500 billion

As Nigerians continue to react to INEC’s rescheduling of the 2019 elections, Analysts at Nairametrics have weighed the cost vs benefit implications of the postponement on Nigeria's economy.

Against backdrop of the general election, most private organizations gave consideration for their staff to work a half day. Some state-owned organizations' staff were given a complete day off, and public schools were closed. These measures were to enable Nigerians prepare for one of the most highly anticipated general elections in the nation’s history. An estimate of the losses was calculated using GDP figures. In addition, sectors that would be losers from the action were highlighted, as well as the few gainers.

The National Bureau of Statistics recently released gross domestic product (GDP) report for year 2018, and it shows that the Nigerian economy in real terms grew at 1.93%. During the last quarter of 2018, aggregate nominal GDP (economic output without inflation adjustment) stood at ₦35.23 trillion, which is higher than ₦31.28 trillion recorded in Q4-2017, representing 12.65% nominal growth. For 2018, annual nominal GDP was ₦127.762 trillion representing nominal growth 12.36% vs ₦113.711 trillion in 2017.

For annual nominal GDP, the ₦127.762 trillion is ₦10.6 trillion per month, ₦2.66 trillion per week and ₦380 billion per day. Similarly, Q4-2018 GDP was ₦35 trillion i.e. about ₦11.6 trillion per month, ₦2.9 trillion per week and ₦414 billion per day. Hence, since many organizations had a half day on Friday 15 February preceding the postponed elections, the losses could amount to over ₦500 billion.

(A). LOSERS

The informal sector would be the biggest loser due to the postponement. A large number of Nigerians earn income on daily basis. Most businesses would have canceled orders required for their businesses due to the general election. Unfortunately, the election has been postponed, and Nigerians in this category would be counting their losses.

1. Transporters
The curfew on movement would have led to many individuals shifting or cancelling their trips the day before. The postponement thus serves as a double whammy to Transporters, as they would lose a huge chunk of revenue on Saturday. Despite announcement of the postponement in the early hours of Saturday 16th February, many individuals would opt to stay home as they monitor the security situation.

2. Event Planners
The postponement will lead to shifting of events scheduled for the new election dates. This is in addition to losses incurred on Saturday 16th February. Some would have earlier shifted events ahead to the newly scheduled dates of the general elections, and by extension, such plans will be truncated and this will cost many some fortunes. Also, events earlier scheduled for the coming weeks may be postponed or cancelled, as individuals decide to monitor the situation.

(B). GAINERS

1. Service providers to INEC
While most Nigerians are understandably upset by the postponement, some service providers to the Independent National Electoral Commission (INEC) may smile to the bank. The commission will have no choice but to mobilize them again for their services next week and next month.

2. Key hotels
While many hotels would record losses from the postponement, key hotels located in Abuja, the seat of power, may maintain increased patronage. The postponement will lead to realignment in the country’s political space.

(C). EFFECT ON THE FINANCIAL MARKETS
The postponement could have negative effects on the financial market. The equities market, which has rallied in the last 11 days, could take a dip. Foreign investors (a key driver of the market), may decide to slow down on their investments, as they watch things unfold. For the bond segment, it could also lead to drop in bond yields, as foreign investors may exit In the light of heightened political uncertainty.

Despite these attendant costs, a succesful, free and fair election is still expected next week (or whenever the election takes place).

The cost of not having this election far outweighs the cost of postponement.

My Neighbor naso she cook
So tey INEC disappoint her ..
Las las na we come chop the food
Trust me it was a good day for me