July 2023

1st July 2023

31 July 2023
TRT World
Niger junta says France is planning strikes to free Bazoum
Niger’s coup leaders say members of the ousted government have asked France to carry out strikes to try and free deposed President Mohamed Bazoum. Ikemesit Effiong from SBM Intelligence unpacks how credible the claims are..

Cost of preparing jollof rises to GH¢317 according to West African Jollof Index
The cost of cooking Jollof rice has increased from GH¢277 in May 2023 to GH¢317 in June of the same year. This is according to the West African Jollof Index conducted by SBM Intelligence..

30 July 2023
Tinubu-Watch: Don’t remove education ‘subsidy’
The dust raised by the removal of the controversial fuel subsidy hasn’t settled. It is worth writing about. There is an issue in Tinubu’s inconclusive cabinet-making. That too is a good topic this weekend…

28 July 2023
Politicians, Economists and Technocrats, made Tinubu’s list
SBM Intel’s head of research, Ikemesit Effiong speaks with Nancy Iloh on Moneyline about President Tinubu’s ministerial list…

CNBC Africa
West Africa’s food security problem unsolved
SBM Intelligence says food security in West Africa has remained unsolved, with countries like Ghana, Senegal and Nigeria recording the highest food prices in Sub-Saharan Africa in the second quarter of this year. Ikemisit Effiong, the Head of Research at SBM Intelligence, joins CNBC Africa to discuss the latest jollof index…

Joy News
It will cost Ghs317 to prepare a standard jollof for a family 5
SBM Intel’s Ikemesit Effiong joins Joy FM’s Kojo Yankson and a panel to discuss rising food prices in Ghana and Nigeria…

OSV News
US official calls state of religious freedom in Nigeria ‘abysmal,’ says country in ‘slow -motion genocide’
The chairman of U.S. Commission on International Religious Freedom, Rabbi Abraham Cooper, has described religious freedom conditions in Nigeria as “abysmal…”

Niger coup: Why the latest West African military takeover matters
A general has declared himself the new leader of Niger following a coup that removed the country’s elected president…

26 July 2023
The Cable
How subsidy removal, naira float caused food price hike between March and June
The cost of making Nigeria’s most popular meal, jollof rice, significantly increased by 13.7 percent between the months of March and June 2023, according to SB Morgen (SBM)…

Basmati Rice Ban: India’s decision to trigger price increase in Nigeria
India announced on July 20th that it would limit exports of non-basmati rice in a bid to calm domestic rice prices, which have risen by more than 30% since October 2022…

New Telegraph
Subsidy removal: Petrol price skyrocketed by 210% in one year –NBS
The price of Premium Motor Spirit (PMS) increased by 210.31 per cent yearon-year in Nigeria. The National Bureau of Statistics (NBS) stated this in its latest report on PMS for June 2023, seen by New Telegraph yesterday. The implication of the report is that Nigerians, paid an average price of ₦545.83 for a litre of petrol in June 2023, than ₦175.89 in June 2022…

25 July 2023
Cost of jollof surges 34% in one year
The average cost of preparing a pot of jollof rice for a Nigerian family of five has risen by 34.2 percent in one year, according to a new Jollof Index report…

The Cable
NHRC drafts national policy for protection of civilians during conflict
The National Human Rights Commission (NHRC) says it has submitted the draft of a national policy on the protection of civilians during conflicts to the federal government…

Cost of cooking pot of Jollof Rice in Nigeria rises by 13.7% to ₦12,373
The cost of cooking a pot of jollof rice in Nigeria for a family continues to rise, as families witnessed a 12.7% bump in costs to ₦12,373 from ₦10,882 in the first quarter of the year

24 July 2023
Foreign Policy
Will Bola Tinubu’s Reforms Help or Harm Nigeria?
As the day winds to a close, Janet Omole sits on a wooden bench under the stall where she sells smoked fish and pepper in Basiri, a bustling market district of Ado-Ekiti, Nigeria…

How feasible is FG’s ₦8,000 palliative scheme to 12m poor Nigerians?
As part of efforts to cushion the effects of the removal of the fuel subsidy on the economy, the National Assembly approved the request of the Federal government to give ₦8,000 each to 12 million poor households for six months…

20 July 2023
Guardian Nigeria
China’s growing naval presence in Gulf of Guinea sparks geopolitical concerns, rivalry
In a data-based analysis report titled ‘The implications of Chinese naval presence in the Gulf of Guinea’ by SBM Intelligence, the recent arrival of Chinese naval ships in Lagos, Nigeria, has captured global attention and brought to light China’s expanding influence as a maritime power…

17 July 2023
Northern farmers turn beggars as bandits sustain occupation of farms
Despite several measures taken by both the Zamfara State and the Federal Government to end banditry activities in the state, the menace has worsened with bandits raging free and wild, kidnapping, and killing innocent people…

16 July 2023
Lawmakers under fire over ₦70bn palliative
The ₦70 billion set aside “to improve the working conditions of its new members” has been condemned as negating the tenets of good governance. The National Assembly, on Thursday, amended the ₦819.5 billion 2022 supplementary budget and speedily approved ₦70 billion to support the “working conditions” of new lawmakers while allocating ₦500 billion for Nigerians to cushion the effects of fuel subsidy removal…

The more they “Japa” the weaker the Naira
Adewale Segun (who insists on not being referred to by his real name) finally had his prayers answered, he had been admitted into the University of Southampton in the United Kingdom…

14 July 2023
The Cable
Report: 2023 election shows INEC not committed to assisting PWDs
A recent report by SB Morgen (SBM) Intelligence says the Independent National Electoral Commission (INEC) is not doing enough to support persons with disabilities (PWDs) during elections…

In Nigeria, kidnapping priests becomes a growth industry
Father Joseph Azubuike, a Nigerian priest who was kidnapped on July 10, has regained his freedom along with three other men travelling with him who were also taken…

Customers worry over deposit safety despite bank fraud decline
In January this year, a Twitter user: (@a_ma_ka) narrated how over ₦4m was moved out of her bank account. According to her, on January 9, 2023, around 8.43 pm, she got a debit alert of ₦3.7m and within minutes later, she got another debit of ₦222,900. While she was still wondering about what was happening, she was debited another ₦102,000…

13 July 2023
Tinubu’s NGN500 billion #palliative request: How it is going to be used
SBM Intelligence’s Head of Research Ikemesit Effiong spoke to Moneyline with Nancy about Nigerian President Bola Tinubu’s request to lawmakers to source ₦500 billion for palliatives to cushion the effect of the removal of fuel subsidies…

12 July 2023
Nigeria’s New Leader Pushes Regional Role And Domestic Reform
Just a month in power, President Bola Ahmed Tinubu has already received foreign entrepreneurs and investors at his villa, telling them Nigeria is open for business after a flurry of surprise economic reforms…

Why Naira is struggling with a strong British Pound
The Naira/British Pound exchange rate hovered above ₦1,000/£ for about a week due to strong parallel market demand. The naira’s fall against the British pound has coincided with a fall in the dollar, which has fallen to ₦800/$ for some major black-market operators…

Naira devaluation: Nigerian students face tough times in UK, tuition soars by 60%
Many Nigerian students are facing tough times in the United Kingdom after the naira equivalent of their tuition fees increased by over 60 per cent following the recent move by the Central Bank of Nigeria to unify the nation’s foreign exchange rates…

10 July 2023
Africa Report
China’s warships off Nigeria show growing military footprint in Africa
Three Chinese warships led by a destroyer arrived in the waters off Lagos, Nigeria’s commercial capital, on 2 June, in a friendly visit that draws attention to China’s expanding military presence on the continent…

The Banker
Nigerian banks set to benefit from exchange rate overhaul
As Nigerians digest the implications of the latest major devaluation of the naira, bankers’ thoughts may well turn to the currency’s last major drop of 2016. In the midst of a bearish oil market, falling dollar reserves forced the Central Bank of Nigeria (CBN) to abandon its support of the naira in July 2016, prompting the currency to lose 30% of its value overnight…

Cost of living: More Nigerians may join Japa train as hardship worsens
Strong indications have emerged more Nigerians may relocate from the country in 2023 and beyond as the nation’s socio-economic conditions worsen, and hope remains bleak…

9 July 2023
The Nigerian Lawyer
How Many More Lives Are Enough?
Today, I read a report which made me shudder with real fear. It was the work of a risk assessment and intelligence-gathering platform called SBM Intelligence. The report, deeply concerning and unsettling, released sometime in May 2022, graphically depicted what the numbers say about the rate of mob action in Nigeria, circa 2019 to 2022. To say that what I read was alarming is to put it quite mildly. It depicted horror, bloodletting, and most definitely, what any serious country that values the lives of its citizens, should not be…

8 July 2023
Nigeria rail stutters on passenger decline, rising dollar debt
Ibrahim Idris, a 35-year-old businessman, is one of the many people who have stopped using trains since the last attack on the 168-kilometer Abuja-Kaduna rail line…

Sit-at-Home: Imperatives of Enugu’s Pushback
The Indigenous People of Biafra (IPOB) issued the sit-at-home order in the South East region on August 9, 2021 to protest the extraordinary rendition from Kenya in June 2021 and continued detention of its leader, Nnamdi Kanu…

As Enugu wages war against Monday sit-at-home
As we say in Nigerian parlance, “Monkey sabi jump na because say tree near tree”. Indeed if you cut down the trees or drag a monkey to the desert, he automatically loses his jumping skills. So it is with the terrorists called Enugu’s unknown gunmen…

7 July 2023
Inflation: Nine areas worsening cost of living crisis
Inflation, which serves as a measure of consumer prices, has more than doubled over the last eight years, worsening the living conditions of cash strapped consumers in Africa’s biggest economy…

6 July 2023
The Economist
Nigeria’s new president acts fast
During his inaugural speech on May 29th in Abuja, the capital, President Bola Tinubu shocked and delighted reform-minded Nigerians by veering off-script to announce an end to subsidising petroleum products, which for decades has drained the treasury of revenues from the country’s most valuable natural resource…

The Nation
Tasking NSA on terrorism financing
The appointment of Malam Nuhu Ribadu as the National Security Adviser (NSA) signifies a new dawn when a person outside military circles would occupy the critical position since the re-emergence of democracy in Nigeria in 1999…

Ventures Africa
Here are major economic steps taken by Bola Ahmed Tinubu since he became Nigeria’s president
President Bola Ahmed Tinubu took the oath of office on May 29, 2023, following a still-contested victory in the presidential election. During one of his campaign trails, he was questioned about his plans for the initial days in office, to which he vowed to hit the ground running…

5 July 2023
How Nigeria can turn brain drain to gain
When Bill Gates, Microsoft’s co-founder, visited Nigeria last month, he said the current migration of young Nigerian professionals was good and healthy for the economy. According to Gates, the rapid surge in immigration has significant benefits, as it contributes to the development of world-class skills and the capacity to repatriate much-needed foreign exchange to grow the local economy…

Ventures Africa
Nigeria Wants To Tax Its Market Women And Informal Sector. But, At What Cost?
On Monday, the Nigerian government, represented by the Federal Inland Revenue Service (FIRS), introduced the VAT Direct Initiative, a scheme that aims to facilitate the collection of Value Added Taxes (VAT) from the informal sector…

4 July 2023
CNBC Africa
Nigeria seeks new approach to tackling insecurity
Nigeria’s President, Bola Tinubu has tasked security chiefs to secure the country and re-establish peace and stability on the backdrop of insurgency, banditry, kidnapping and other violent crimes that have threatened the country. What new approach can stem the tide? Confidence McHarry, a Security Analyst at SBM Intelligence, joins CNBC Africa for this discussion…

How the World Sees His First 30 Days in Office
Not many gave him a chance, but if President Bola Tinubu’s recent decisions are anything to go by, especially the political will to take major actions that could redirect the country, Nigeria could be in for a pleasant surprise…

3 July 2023
The Nigerian Observer
FIRS boosts VAT generation, partners MATAN for tax collection in informal sector
The Federal Inland Revenue Service (FIRS), the agency of the federal government saddled with the responsibility to assess, collect and account for tax and other revenues accruable to the federation, has announced it will partner with the Market Traders Association of Nigeria (MATAN) to collect taxes from market traders and players in the nation’s informal sector…

The Times
Breaking a Guinness World Record in Nigeria can change your life
The American woman with the longest fingernails (combined length 13m) and the Brazilian man capable of the furthest “eyeball pop” (18.2mm), are not exactly household names. But in Nigeria, breaking a Guinness World Record can change your life…

2 July 2023
Pulse Nigeria
Over 5,000 Nigerians killed by Boko Haram in 30 months
According to a report by SBM Intelligence, no fewer than 5,873 Nigerians have lost their lives in the hands of the Boko Haram terrorists in the last 30 months…

B’Haram killed over 5,000 in 30 months, says report
Boko Haram terrorists have killed no fewer than 5,873 Nigerians between December 2020 and May 2023, a report has said. SBM Intelligence in its report released on Friday said the number of fatalities was recorded in 430 incidents…