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Nigeria loses $2bn to election shift

The acting Managing Director of Nigerian Aviation Handling Company ( NAHCO ) Aviance Plc, Mr. Norbert Bielderman, said, on Monday, that Nigeria had lost over $2billion worth of foreign direct investment to other countries due to the postponement of the general election from February 14, March 28, 2015, respectively .
He said the postponement had occasioned the loss of confidence for existing and new investments, which had been diverted to other countries. Bielderman spoke in Lagos at a one-day Nigeria cargo summit organised by NAHCO. He said the business environment in Nigeria had become more challenging, in the face of the high costs of doing business, as well the devalued Naira.
He said:”’Election postponement impact on the economy is estimated to be over $2billion as cost and investor loss of confidence for existing and new foreign direct investment that may have found its destination to other countries.” He further said: “There has been travel bans from many European countries and this has negatively impacted on the aviation sector. Nigeria’s foreign reserves is 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 to the dollar, within a six month period, at the interbank and Central Bank of Nigeria’s final closure of the Royal Dutch Auction System, are evidence to the fact that all is not well with our economy. “Implicitly, the Naira has been devalued by between 30-40 per cent and this will cause inflation, if government does not put in place deliberate measures to mitigate an upsurge in price across industry.

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