Nigeria sacrifices $1.4bn for presidential, National Assembly polls

The Nigerian economy  may lose about $1.4 billion to the presidential and National Assembly elections holding today.
This is because the nation’s economy has been shut down completely today as there are no economic activities, save for some undetected black market activities.
It will be recalled that Nigeria’s Gross Domestic Product (GDP) shot up 89.22 per cent from $269.5 billion or N42.4 trillion to $509.9 billion or N80.2 trillion after the Nigerian economy was rebased.
The GDP is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period, though GDP is usually calculated on an annual basis.
This follows that on a daily basis, the value of all finished goods and services produced is $1.397 billion, about $1.4 billion or N280 billion.
The success of the elections will however make up for the amount lost if everything turns out well.
In other developed climes, elections are done without shutting down the economy. For instance, some voters could decide to send in their votes by post while he or she continues with his or her business.
But in Nigeria, airports, sea ports and other key economic activities are paralysed.

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