Economy

Elections: postponement will affect credit rating, portfolio investments, says economist

Investments By Franca Ofili Abuja, Feb. 16, 2019 (NNN) An economist, Mr Chijioke Ekechukwu says postponement of the elections will affect credit rating and already threatened portfolio investments in the country. Ekechukwu, who said this in an interview with the News Agency of Nigeria (NNN) in Abuja on Saturday, noted that the investments would likely […]

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Investments

By Franca Ofili

Abuja, Feb. 16, 2019 (NNN) An economist, Mr Chijioke Ekechukwu says postponement of the elections will affect credit rating and already threatened portfolio investments in the country.

Ekechukwu, who said this in an interview with the News Agency of Nigeria (NNN) in Abuja on Saturday, noted that the investments would likely flow out in large value.

According to him, beginning from Feb. 16, the stock market will go bearish due to the postponement.

“What will the International observers who already had their return tickets for Monday or Tuesday do after the failed election.

“They will indeed fly back and not come back as they didn’t budget for any extra cost and extra stay.

“What will happen to school children who are at home presently because of the election.’’

Ekechukwu expressed worry that Nigerians would be made to bear the losses.

NNN reports that Prof. Mahmood Yakub, the Chairman, Independent National Electoral Commission (INEC) had about 2.45 a.m announced the postponement of the scheduled general elections by one week respectively.

The Presidential and National Assembly election scheduled for Feb.16 was postponed to Feb.23, while the gubernatorial and state assemblies elections were postponed from March 2, to March 9.

“Who will be punished for this colossal losses and embarrassment,’’ Elechukwu asked.

He said that the postponement had worsened the already negative image that bedevilled the country for some time.

Ekechukwu said the postponement was the biggest embarrassment Nigeria had faced both locally and internationally.

“Who is going to pay for the financial losses to families that travelled to vote?

“Who will pay for losses of billions of naira to the country in terms of logistics and many other expenses to the political parties, to the stakeholders?

“How can we measure the amount lost to the entire economic sector,’’ he further asked. (NNN)

FNO/EEE

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Edited by Ese E. Ekama

https://nnn.ng/elections-postponement-will-affect-credit-rating-portfolio-investments-says-economist/

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