May 2020

30 May 2020
NewsWireNGR
Nigeria is haunted by the Biafran war
As the world marks the 53rd anniversary of the declaration of the Biafran state which was followed by the Nigerian Civil War, questions have risen as to why the country has failed to heal from the wounds and if any lesson has been learnt in that time…

WeeTracker
Nigeria’s growing kidnapping industry now targets the poor too
For a sordid business that is unlawful and a threat to the peace of society, the kidnapping in Nigeria is experiencing significant growth. But, the actors are no longer just targeting the rich, elite, or ex-pats in Africa’s largest economy. Poor villagers are now becoming rather easy victims…

29 May 2020
Premium Times
Mr. President: What would the Buhari legacy be?
Today is the anniversary of President Buhari’s fifth year in power and he has three more years to go before retiring to Daura to take care of his cows. In another year or two, the campaign for 2023 will take over the attention of the political class and governance would stop. This means the president has less than two years to leave his legacy, from a eight-year rule…

Punch
Civil rule delivers 21 dreary years of misery
When Nigeria transitioned from military to civilian rule in 1999, hope and self-confidence were resurgent among the country’s then 119.26 million people. Fifteen years of unbroken second military interregnum had devastated every aspect of national life, from infrastructure and social services to the economy. The future therefore held the alluring prospect of parlaying their recovered liberty into prosperity…

Ventures Africa
Nigeria has spent $18.34 million on kidnaping ransom
A report released by SB Morgen (SBM) shows that Nigeria paid at least $18.34 million (₦7 billion) as ransom to kidnappers between 2011 and 2020, bringing to light the challenges of insecurity and unemployment in Nigeria…

28 May 2020
Daily Trust
How Nigerians paid $18.34million ransom to kidnappers in 9 years
Between 2011 and April 2020, Nigerians lost at least $18.34 million to kidnappers as payments made to secure the release of their loved ones, a new report by SBM Intelligence has shown…

Guardian Nigeria
Nigeria pays $11 million as ransom to kidnappers in four years
The security architecture in Nigeria has once again come under the spotlight after a new report said the Nigerian Government and citizens have handed over N4 billion ($11 million) to kidnappers for ransom in the last four years…

Premium Times
Insecurity: Nigerians pay over ₦7 billion ransom to kidnappers in nine years – Report
In Nigeria, kidnapping for ransom has become a feature in all parts of the country with thousands of people falling victim. Between the year 2011 and 2020, Nigerians paid at least $18.34 million (₦7 billion) as ransom to kidnappers, a report on the country’s kidnap industry shows…

CAN chairman kidnapped; police mobilise officers, hunters for rescue
The Chairman of the Christian Association of Nigeria (CAN) in Nasarawa State, Joseph Masin, has been kidnapped. His kidnap was confirmed by the police commissioner in Nasarawa, Bola Longe, Thursday morning…

Sahara Reporters
$18.34m paid to Nigerian kidnappers in nine years —Report
About $18.34m has been paid by families, friends and loved ones of kidnap victims in Nigeria in the last nine years, a new report by SBM Intelligence has shown…

The Cable
‘Nearly $11m paid as ransom in four years’ — Report examines Nigeria’s kidnap industry
Families and friends of kidnap victims paid $18.34 million to secure the release of their loved ones between June 2011 and March 31, 2020, a new report by SBM Intelligence has shown…

27 May 2020
ICIR Nigeria
In 10 years, $18.34m was paid to kidnappers as ransom in Nigeria
Between June 2011 and March 2020, at least $18.34 million was paid to kidnappers as ransom in Nigeria, SB Morgen revealed in a new report. In the report, Nigeria’s Kidnap Problem: The Economics of the Kidnap Industry in Nigeria, SB Morgen revealed also that the larger proportion of that figure, about $11 million was paid out between January 2016 and March 2020, indicating that kidnapping is becoming more lucrative…

26 May 2020
Sahara Reporters
Why prices of basic items soar in Nigeria despite petrol cost reduction
One month after the Nigerian government shaved ₦21.50 – 14.9 per cent off the country’s petrol pump price, the cost of other commodities, especially food items, are still going upward, SaharaReporters has gathered…

25 May 2020
Daily Independent
How Nigerian economy can be private sector driven
The coronavirus (COVID-19) pan­demic caught the world napping like no other single occurrence has done in recent times, thus throwing the global economy into fits of hysteria as governments across the globe struggle to adjust economic levers…

ThisDay
Experts proffer solutions to Nigeria’s challenges
Some experts have highlighted solutions that will help businesses recover fast from the adverse effect of COVID-19 pandemic on the Nigerian economy…

22 May 2020
Vanguard
Nairametrics holds Q2 2020 economic outlook, focuses on impacts of COVID-19
Nairametrics, a leading Nigerian financial resource company held its second-quarter 2020 economic outlook on Saturday, May 16th, 2020, albeit virtually due to the Coronavirus pandemic. The webinar, which centered on the topic “The New Normal – Economic Outlook: Your Money or your Life”, was attended by 729 unique participants with more than thousand participants registered for the event…

21 May 2020
Bonds & Loans
Coronavirus could weigh on Nigeria’s ability to secure crucial loans from China, protect fiscal revenues
The coronavirus outbreak currently plaguing global markets may harm Nigeria’s ability to secure Chinese loans needed to fund the 2020 budget, while also weighing on trade and oil revenues, according to a research note from SBM Intelligence…

ICIR Nigeria
Injustice is the core of escalated violence in Nigeria
THE escalation of violence in Nigeria has been attributed to injustice meted out to some individuals or groups in Nigeria, according to a group discussion on human rights…

20 May 2020
Nairametrics
A wholistic approach to Nigeria’s power and agricultural sector challenges
Fixing Nigeria’s power sector will never be resolved without developing a wholistic power solution that has all consumers in a single pool…

19 May 2020
Arise News
Cross River tops Lagos on SBM Intelligence 2020 health preparedness index
Confidence Macharry, Security Analyst at SBM Intelligence, explains the methodology behind their 2020 Health Preparedness Index for the 36 states in Nigeria. He also discusses what would be required for the bottom 5 states to improve and how a lack of family planning is negatively impacting healthcare in Nigeria…

Nairametrics
COVID-19: Best and worst case scenarios for the Nigerian economy
A series of unfortunate developments have been working together to shape the Nigerian economy, albeit in a bad way. And things could get worse, unless certain actions are quickly taken to mitigate these unfavourable incidents…

NewsWireNGR
In Kubwa, Abuja, local community policing is replacing the government, armed robbers are taking over as Coronavirus infections rise
The Nigerian government’s response to the COVID-19 virus has been documented as commendable by the United Nations Secretary General as well as other local international agencies. Unlike many countries Nigeria responded with a airspace closure, rapid information dissemination and a national lock-down…

SBM report ranks Cross River the most prepared state for health emergencies
According to a Health Preparedness Index published by SBM Intelligence, Cross River is the most prepared state for health emergencies and Niger State has been ranked the least prepared state amongst all states in the country…

The Cable
Report ranks Niger least prepared state for health emergencies
Niger has been ranked the least prepared state for health emergencies amongst all states in the country. According to a Health Preparedness Index published by SBM Intelligence, Cross River is the most prepared state for health emergencies…

17 May 2020
New Telegraph
COVID-19 takes toll on Nigerian diaspora remittances
The COVID-19 pandemic has put Nigeria’s second-largest revenue source at risk, an analysis by SBM Intelligence has shown. Diaspora remittances from citizens living overseas have formed a major part of Nigeria’s forex earnings; even higher than tax revenue. This is, however, second to revenue realised from selling crude oil which is Nigeria’s main source of forex earnings…

14 May 2020
Guardian Nigeria
Nigeria’s north central states may suffer more from FG dwindling revenue, says report
While the coronavirus pandemic continues to have a negative impact on the Nigerian economy, nothern states may suffer more from its implications, a report said. Lagos based geopolitical risk firm SBM Intelligence in a report said this is because “many of the states in the North Central rely heavily on federal allocations to survive.”…

The Cable
Nigerians abroad unlikely to send home ‘much money’ as COVID-19 takes toll on income
The COVID-19 pandemic has put Nigeria’s second-largest revenue source at risk, an analysis by SBM Intelligence has shown. Diaspora remittances from citizens living overseas have formed a major part of Nigeria’s forex earnings; even higher than tax revenue…

13 May 2020
Bloomberg
What African central banks may do next in response to virus
After emergency meetings and aggressive interest-rate cuts to buffer their economies against the impact of the coronavirus pandemic, some central bankers in sub-Saharan African economies may follow a more measured approach when they sit down for their deliberations in the next two weeks…

Guardian TV
FG revises 2020 budget fundamentals
SBM Intelligence forecast low diaspora remittances in 2020 due to COVID-19. OPEC+ wants to maintain output cuts beyond June…

10 May 2020
ThisDay
Rising oil prices will have significant political cost for Nigeria
As Nigeria anxiously expects oil prices to rise to a comfortable position and boost the country’s confidence to recover from the current shock, analysts have warned that such anticipated rise would instead present grave political risks to the country…

9 May 2020
Bloomberg
Oil crash spurs Nigeria to end fuel subsidies, risk backlash
Nigeria has used the collapse in oil prices to usher in a policy the state has been trying to implement for more than two decades: scrap fuel subsidies…

7 May 2020
CFD Trading
Crude oil (CL1) 5 day up streak broken
Crude Oil’s 5 day positive streak has officially concluded, as the candle from the day prior closed down 2.32% ($0.57). Relative to other instruments in the energy commodity asset class, Crude Oil ranked 2nd since the day prior in terms of percentage price change. Let’s take a look at the daily price chart of Crude Oil…

6 May 2020
Nairametrics
SBM Intel lists out industries that may be out of business post Coronavirus
Nigerian Based market research organisation, SBM Intelligence published a list of industries that will be positively and negatively impacted by the Covid-19 pandemic. This is part of the risk-based firm’s series of discussions on the impact of Covid-19 on the Nigerian Economy…

1 May 2020
African Business Magazine
Nigeria braces as oil shock and Covid-19 wreak havoc
On 13 April, millions of Nigerians waited anxiously for a televised address by President Muhammadu Buhari. The day marked the end of an initial two-week lockdown imposed on Lagos, Ogun and the capital Abuja, three states on the frontline of Nigeria’s battle with Covid-19…