Cost of postponing polls in billions

Lagos: Nigerians who were surprised when the country’s presidential election was postponed on Saturday may suffer a second shock when they learn the cost, some economists and business leaders say. “The cost to the economy of the postponement of the election is horrendous,” said Muda Yusuf, general director of the Lagos Chamber of Commerce and Industry who advanced an estimate of $1.5 billion. “The economy was on partial shutdown the day before, and total shut down on Saturday for the polls” that did not take place, he explained. The streets of Lagos were empty early on Sunday as the economic capital recovered from the disappointment.