‘We Lost N210b To 2011 Polls’

The Nigerian maritime sector is one such area where operators, over time, assiduously avoid providing empirically-backed data concerning financial implications of the various issues concerning this vital sector which is globally-driven and often suffers from the vagaries of the local socio-economic climate.

The Lagos Chamber of Commerce and Industry (LCCI) has estimated that Nigeria lost the sum of N210 billion Gross Domestic Product (GDP), a figure which was arrived at, based on the first day of the (National Assembly) election which was later cancelled and the other two days when the rescheduled National Assembly and the presidential elections were held.

Speaking recently in Lagos at the quarterly press briefing of the chamber, the LCCI President, Chief Femi Deru, pointed out that for each day of the election, the economy shutdown and losses were recorded in terms of output and income.

“Though the election was inevitable, investors’ confidence was weakened because of the uncertainty that comes with elections, especially with our track record of managing political transitions. An estimated N70 billion was lost daily on the election days which was mainly shouldered by informal sector businesses as many of them depend on daily incomes,” Deru said.

He noted that the late signing of the budget had serious implications for projects that should be executed to improve the investment environment as well as the welfare of the people.

He added: “Many approvals for public sector projects and contracts have not been attended to because of the elections. We are, however, optimistic that the economy would regain momentum as soon as the elections are over.”

The polls critically affected the nation’s maritime industry, with activities grinding to a near-halt long before the actual elections. About three months to the conduct of the polls, particularly the Presidential Election, activities of a number of organisations in the maritime industry, especially those of the government agencies, moved at snail speed.

The heads of parastatals such as the Nigeria Customs Service (NCS), Nigerian Maritime Administration and Safety Agency (NIMASA), Nigerian Ports Authority (NPA), National Inland Waterways Authority (NIWA), and Nigerian Shippers’ Council (NCS), respectively, had largely been very short on actions, clearly awaiting the outcome of the polls, as they believed that their positions were hanging on the balance.

Notably, the much-expected restructuring promised the NPA Managing Director, Engr. Omar Suleiman, remained a mere proposal.

The Nigerian ports is the much-touted “gateway to the nation’s economy” and undoubtedly contended with the challenges of the polls. It remains to be seen if the maritime industry will rouse from the polls-induced hibernation and partake in actualising the optimistic outlook offered by the outcome of the 2011 General Elections.