Any attempt to postpone the forthcoming general elections could spell doom for Nigeria as it will erode the confidence reposed in the economy by investors, the business community has said. In a communiqué of the council meeting of Lagos Chamber of Commerce (LCCI), Muda Yusuf, director-general of the chamber, said the call made in some quarters for the postponement of the elections would have significant negative consequences on investors’ confidence, the economy, and the stability of the polity. “Without peace nothing else will happen in an economy.
Political and social stability are critical factors that drive investors’ confidence,” Yusuf said, in an e-mailed statement to BusinessDay. “Therefore, the quality of the electoral process and the conduct of the major players in the political space are most critical at this time,” Yusuf further said. He said all Nigerians and in particular the political class should respect the outcome of the elections, while candidates with reservations should seek redress in accordance with the law.
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LCCI called on all key institutions such as the Independent National Electoral Commission (INEC), security agencies and the judiciary to be above board, stressing that they should all be non-partisan to earn the confidence of the citizens and the stakeholders in the electoral process.
The LCCI council reiterated its call for the Federal Government to discontinue its subsidy scheme on PMS and kerosene in the light of the drop in global oil price, saying that government should take the opportunity presented by the current realities to exit the subsidy scheme in view of the fiscal leakages and other transparency issues associated with the scheme. “This would liberate the downstream oil sector from the shackles of inefficiency and corruption,” said Yusuf. The council maintained that this is the time to allow the private sector to take full charge of the down- stream sector and unleash the huge potentials that exist in the sector.
