The Lagos Chamber of Commerce and Industry (LCCI), says the postponement of Nigeria’s general elections scheduled for Feb. 14 and 28 to March 28th and April 11th is bad for the nation’s economy.
In a statement, the chamber says “Political and social stability are critical factors that drive investors’ confidence. Therefore, the quality of the electoral process and the conduct of the major players in the political space are most critical at this time.
The council noted that such a move would have significant negative consequences for investors’ confidence, the economy, and the stability of the polity. The credibility of the electoral process could also be put at risk.
“The LCCI Council reiterates its call on the key institutions in the transition process to be above board – INEC, security agencies and the judiciary. They should be non-partisan, and should be seen to be so. This is necessary to earn the confidence of the citizens and the stakeholders in the electoral process.”
It also reiterated its call for government to discontinue it’s subsidy scheme for PMS and kerosene.