President, National Association of Nigerian Traders (NANTs) Mr Ken
Ukaoha says the country will lose more than N140 billion due to the
postponement of the general elections, Vanguard reports.
Ukaoha said this in Abuja on Saturday that the postponement would
affect the trading sector adversely. Ukaoha noted that the postponement
would affect the economy adversely in terms of money that the
government, political parties and ordinary Nigerians had already
expended on logistics and otherwise.
Ukaoha described the elections postponement as appalling and
unfortunate which could make the nation become a laughing-stock in among
comity of nations. He noted that many traders did not open their shops
due to the election.
“I am not talking of the manufacturing sector, transporters and the farmers; even workers were asked not to go to work.
“We need to be adequately prepared for elections,” he said.
“The loss is monumental if you look at the economic
consequences, essentially if you look at the trade, Nigeria depends so
much on daily turning of fund through distribution and redistribution of
goods and commodity.
“I am telling you that with this calculation I have just done
here, we are losing nothing less than 140 billion naira, because all got
this information so late.
“If you go round now you will see that the shops are close, so we are losing chunk of money just for this incident.
“We are not talking about the manufacturers and the
industrialists because they have all sent their workers away to go and
perform their civic duty.
“Farmers did not go to their farms because they want to
exercise their franchise. If you do the computation your guess is as
good as mine in terms of what the nation is losing, we should learn.
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