FRI, JANUARY 25 2019-theG&BJournal- The Lagos Chamber of Commerce and Industry (LCCI) has warned of the dire consequences for the economy if the February 2019 presidential election is mismanaged and urged contestants to guide against the tendencies that may undermine the credibility of the electoral process and play by the rules in order to ensure the integrity of the forthcoming general elections.
Nigeria is building up to general elections scheduled for the first quarter of 2019, with the presidential election coming up on February 16, 2019, another defining period in the country’s democratic history.
Babatunde Paul Ruwanse, president of the Chamber, speaking on behalf of the Chamber said the risks associated with this period includes security risks, governance and policy risks and risk to existing contractual obligations.
‘Political transition and electoral process in the country has far reaching implications for the economy. This is because political and social stability are critical factors that drive investors’ confidence,’’ he said.
‘’We urge the Independent National Electoral Commission (INEC), security agencies and the judiciary to be independent and fair to all parties. It is important to guide against the tendencies that distract state institutions from governance.’’
According to LCCI, there is a strong nexus between political instability and economic progress. An unstable political environment naturally escalates the risk of investment; it creates anxiety and undermines confidence of investors.
‘’We urge all political actors to demonstrate restraint and refrain from activities that could undermine the stability of the polity and create avoidable social tension. This has become very important as political and electioneering activities gather momentum. No meaningful investment can take place where there is break down of law and order.’’
The quality of the electoral process and the conduct of the major players in the political space are critical to earn the confidence of the citizens, the investors, the stakeholders and international community in the electoral process, LCCI said.
The Chamber also noted the growing insecurity in parts of the country which it describes as worrisome with grave implications for businesses and investors.
‘’We implore the Federal Government to prioritise safety of lives and properties and provide adequate security across the country. It is important to consider and review current security strategy to ensure safety of lives and property.’’
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