Import and export activities in Nigeria’s ports have reduced drastically owing to the postponement of the Presidential and National Assembly elections by the Independent National Electoral Commission (INEC), earlier scheduled to hold last week Saturday.
The Federal Government had closed the borders between Friday noon and early Saturday morning, causing international trade to be halted for several hours.
Although the ports are still open for business now, research gathered shows that business activities have reduced considerably at the TinCan and Apapa Ports in Lagos, while Calabar, Warri and Port Harcourt seaports are not also faring better due to uncertainties trailing the elections.
Latest shipping position released by the Nigerian Ports Authority (NPA) also showed that a paltry 12 out of the 21 ships expected into the Lagos ports between February 19 and March 2nd are carrying cargoes, while the rest nine are empty containers.
The terminal operator and Managing Director, Ecomarine Terminals Limited, Moruf Adedayo Balogun, said
“Naturally, election will always generate an atmosphere of uncertainty, and it will have a direct impact on investment by individuals and corporate entities. Some of the international investors that are being wooed as potential partners have also put further decisions on hold pending the outcome of the elections. There is always uncertainty in an election year, and I hope that normalcy will return to the ports after the elections next month.”
Generally, the estimated sum Nigeria loss as a result of the election postponement is about $2.23 billion.
Also, the Chief Executive Officer of the Financial Derivatives Company Limited, Mr Bismarck Rewane, said the postponed election of last Saturday had already led to the decline of the stock market by about 1.6 per cent by Monday (February 18).
