November 2023

1st November 2023

30 November 2023
FG’s ₦9trn budget deficit raises concerns despite fuel subsidy cuts
Nigeria is facing one of its highest budget deficits on record even after the removal of fuel subsidies that were once a major drain on the country’s finances. The drain of the petrol subsidy on the cash-strapped government’s earnings made a compelling case for its removal on President Bola Tinubu’s first day in charge, yet despite its removal, the federal government is now projecting to spend ₦9.18 trillion more than it will earn next year…

Why south-east youth show apathy to police recruitments
A civic organisation, SBM Intelligence’s data shows that, between 2017 and 2021, the South-East had the lowest representation in recruitment into the Nigerian Police among the nation’s six geo-political zones…

Pulse Ng
Sarkin Fulani of Kwara sentenced to life imprisonment for kidnapping
A High Court in Ilorin has handed down a life imprisonment sentence to the Sarkin Fulani of Kwara, Usman Adamu, along with his brother and an accomplice, Gidaddo Idris, for their involvement in a kidnapping case…

The Sun Nigeria
Losing ₦13bn daily to ‘Sit-at-Home’ in South East no longer sustainable –PISE-P
Peace in South East Project (PISE-P), a non-partisan advocacy organisation, has said that the report by SBM Intelligence that the region loses up to ₦13 billion a day whenever people stage a protest is not sustainable…

29 November 2023
Advocacy group unveils PISE-P, seeks peaceful, new developmental initiative, drive in Southeast
A new dynamic and development-driven non-partisan, political group known as Peace in South East Project (PISE-P) has been birthed.  Addressing the media during a virtual conference, top officials of the group revealed that its mandate revolves around resounding mission to restore the South East’s rightful place in the national political space and usher in the era of democracy dividends…

Kogi, Kwara, Lagos lead states in rising food prices
Residents of Kogi, Kwara, and Lagos states paid highest for food in October, following the surge of inflation to 27.33 percent, and food inflation to 31.52 percent, latest National Bureau of Statistics (NBS) data on inflation shows…

Daily Trust
PISE-P Revolutionizes South East’s Inclusion In National Political Landscape
Peace in South East Project (PISE-P), a dynamic non-governmental organization (NGO), says it has emerged with a resounding mission to restore the South East’s rightful place in the national political space and usher in the era of democracy dividends…

28 November 2023
As Abians Roll Out Drums for Their Illustrious Son, Kalu
The good people of Bende Federal Constituency, and indeed the entire Abia State are set to hold a grand homecoming and reception for their illustrious son, Rt. Hon. Benjamin Okezie Kalu who emerged Deputy Speaker of the 10th House of Representatives…

27 November 2023
Service sector pushes GDP growth to 2.54% despite subsidy strain
Nigeria’s economy grew marginally in the third quarter of 2023 owing largely to the service sector as the fallout of President Bola Tinubu’s reforms, including petrol subsidy removal, took a toll on several sectors…

Yuletide: Why jollof will be missing on many Nigerians’ menu
With a few days remaining for Christians all over the world to celebrate this year’s Christmas, the soaring prices of rice and other foodstuff in Nigerian markets are sending fear down the spines of many families…

Business Hallmark
Biting economy forces more Nigerians into debt to survive
An increasing number of Nigerians are resorting to borrowing from several lending outlets to remain afloat as the economic situation in the country continues to worsen. Checks by Business Hallmark reveal that Nigerians borrowed over N290 billion in personal and consumer loans from banks in three months…

FCTA list councils with worst kidnapping cases
Three area councils in the Federal Capital Territory Administration (FCTA) have been named as recording the highest kidnapping cases. They are Bwari, Kuje and Abaji…

26 November 2023
Financial Times
Nigerians resort to emergency loans as austerity and inflation bite
Nigerians are turning to expensive emergency loans to cover the cost of essentials, as the country’s economic woes push more people into poverty and fears grow of a consumer debt crisis…

24 November 2023
Anxiety as bakeries shut down due to high cost of flour
A new wave of anxiety is mounting over the high cost of bread occasioned by the ever-increasing cost of wheat such that most bakeries are shutting down…

Prime Business
Beef Stew Costs Surge By 17% , Escalating Financial Strain On Nigerian Households
In a disconcerting revelation from the latest stew index report by PricePally, the expense of preparing a pot of beef stew surged by 17 percent in 2023, painting a worrisome picture of escalating financial burdens for households across Nigeria…

23 November 2023
FIJ Nigeria
Food Inflation Report Shows Jollof for 5 People Now Costs ₦13,106
The SBM Jollof Index for the third quarter of 2023 shows the average cost of a jollof rice bowl for five persons was ₦13,106 in September. It was only ₦4,087 in 2015. SBM’s Jollof Index, published on Thursday, used jollof rice as a point of reference to the food inflation ravaging West African countries such as Nigeria and Ghana…

The Ghana Chronicle
Cost of preparing Nigerian Jollof goes up by 220%
The cost of preparing Nigeria’s Jollof rice increased by 220.7 per cent to N13,106 in September 2023 from N4,087 in July 2016. A new Jollof Rice Index report by SBM Intelligence disclosed this recently…

Death of five infants proves bandits’ resilience
The tragic death in captivity of five infants recently underscores the resilience of the terrorists, bandits and assorted criminals tormenting Nigerians and the flailing campaign to neutralise them…

22 November 2023
Channels TV
Cost Of Preparing Jollof Rice In Nigeria Triples In Seven Years
According to a new report, the Jollof Index by SBM Intelligence, the cost of preparing a pot of rice for a Nigerian family of five has more than tripled in 7 years. The cost rose by more than 220% in the period from January 2016 to September 2023. Ikemesit Effiong, partner at SBM Intelligence joins Channels to discuss…

Daily Post
Cost of preparing Nigerian Jollof rice surged by 220%
The cost of preparing Nigeria’s Jollof rice increased by 220.7 per cent to ₦13,106 in September 2023 from ₦4,087 in July 2016. A new Jollof Rice Index report by SBM Intelligence disclosed this recently. According to the report, the rise in the cost of preparing Jollof rice is not unconnected to Nigeria’s soaring food inflation rate, which increased to 31.52 per cent in October…

21 November 2023
Al Jazeera
Nigerian workers’ wages diminish as inflation rises and gov’t revenue dips
When Yusuf Mogaji joined Nigeria’s federal civil service as a non-teaching staff member at the University of Ilorin in 2015, he had dreams of building his own house. His monthly salary of 46,000 naira (then worth $236) was enough to cater for himself and his family and even buy a half-plot of land (300 square metres) later that year…

Jollof cost more than triples in seven years
The average cost of preparing a pot of jollof rice for a Nigerian family of five has more than tripled within seven years, according to a new Jollof Index report…

Why households may avoid jollof rice this Christmas
A survey by SBM Intelligence found that Nigerians spend 97 percent of their monthly income on food, and cooking one pot of jollof rice will take almost half of this, according to the latest Jollof Rice index by the same organization…

19 November 2023
From japa to sapa: Nigerians in a fix, struggle with life abroad
Stories about Nigerians selling their property in search of a greener pasture abroad have been trending on social media of late. If for anything, it shows the desperation of many Nigerians to escape from the current socio-economic challenges back home for a foreign and supposed better life abroad…

Human Angle
Danbango: Missing Home, Dreading Terror In A Northwestern Nigeria Community
The worshippers at a mosque in Danbango had just observed their Ishai prayer, preparing to retire for the day, when they heard the first gunshot. And then a staccato until it drowned the Imam’s last supplications…

The Southern Examiner
Over 200 Persons Killed In Renewed Rivers’ Gang Violence, PIND Foundation Says
The resurgence of gang violence in Rivers State, the capital of Nigeria’s oil and gas industry, is a matter of serious concern for the Foundation for Partnerships Initiatives in the Niger Delta (PIND Foundation)…

16 November 2023
The Africa Report
Nigeria: Top cement producers battle for market share
BUA Cement Plc., Nigeria’s second-largest cement producer, roiled the market in early October when it announced a 36% price cut for its product to gain market share…

Bread, fish prices stoke inflation to 18-year high
The soaring prices of bread, fish, eggs and other essential food items have pushed Nigeria’s headline inflation to a new 18-year high, worsening the cost-of-living crisis facing many households…

Lagos, Kogi, Rivers lead as inflation hits 27.33%
Nigeria is facing its worst cost of living crisis in about two decades following the surge of inflation to 27.33 per cent in October. This is as recorded inflation in Kogi (34.20 per cent), Rivers (31.44 per cent), Lagos (31.23 per cent), Oyo (31.21 per cent), and Akwa Ibom (30.74 per cent) outpaced the national average by a distance…

15 November 2023
Mutiny as dialogue: Interrogating the rank-and-file complaints and revolt in the Nigerian counter-insurgency campaign
Because of the combined effects of the Boko Haram insurgency, banditry, kidnappings, separatist agitations, ethno-religious conflicts, and the farmer-herder crisis, the Nigerian military has been drafted to play a frontline role in quelling the multifarious security crises in the country…

14 November 2023
The Africa Report
How Nigeria’s digital money lenders harass customers to recover funds
Getting a traditional personal or retail loan in Nigeria usually requires banking with the institution taking the financial risk. Not so with the rapidly expanding world of fintech loan apps operating in the country…

Consumer goods firms’ short-term debts worsen amid earnings slump
Consumer goods firms in Nigeria are facing a liquidity crisis after an earnings slump, triggered by a combination of factors including rising inflation, supply chain disruptions, and weakening consumer demand…

Channels TV
Nigerian Minimum Wage Earners Augment Income With Loan Apps
Seyi Awojulugbe, Senior Analyst, SBM Intelligence joins Channels TV to talk about our report which shows that Nigerian consumers spend about 97.4 per cent of their average income on food. The report highlights how high inflation, sluggish economic growth and high unemployment rates fuel Nigerian consumers’ cost-of-living crisis…

Hard times: Nigerians borrow ₦290bn from banks in three months – CBN report
The challenging economic situation of the country has pushed more Nigerians into debt as about ₦290bn was borrowed from banks in three months. This is according to the recent Economic Report for the Second Quarter of 2023 by the Central Bank of Nigeria (CBN)…

The Whistler
‘Armed Forces Doing It Right’— NSA Brags As Over 1,995 Nigerians Died Between July-Sept
The National Security Adviser (NSA), Nuhu Ribadu on Monday said the armed forces were doing things right to achieve a “change” within five months of its leadership. He disclosed this while speaking at the 2023 edition of the Chief of Defence Intelligence annual conference on Monday…

13 November 2023
The Economist
Metrics to keep an eye on in 2024, from solar cells to superhero movies
Sometimes the best way to follow a trend is to plot it on a chart. Here is a selection of noteworthy metrics that are worth keeping an eye on in 2024, from solar-cell technology to superhero movies. Some are merely fun—while others are potentially world-changing…

Guardian Nigeria
How Nigerian consumers can manage cost-of-living crisis
A survey by SBM Intelligence shows that Nigerian consumers spend about 97.4 per cent of their average income on food. The report highlights how high inflation, sluggish economic growth and high unemployment rates fuel Nigerian consumers’ cost-of-living crisis…

The Nation
More words than action
It’s clear that the President Bola Tinubu administration inherited a troubling security crisis from the Muhammadu Buhari administration, which demands urgent remedial action. But it’s unclear how the Federal Government under Tinubu will fight insecurity in the country, or even how it is fighting insecurity…

11 November 2023
Almost 50% of Nigerian Minimum Wage Earners Spend Entire Income on Food
Around half of Nigerian workers who earn the minimum wage in the country allocate their entire income towards covering their fundamental food requirements…

10 November 2023
Nigerians spend 106% of their salary to cook chicken stew
Residents in Lagos spend at least 106 percent of their minimum monthly salary (₦30,000) to prepare a pot of chicken stew in 2023, a new stew index report has said…

CNBC Africa
How Nigerian consumers can manage cost-of-living crisis
A survey by SBM Intelligence shows that Nigerian consumers spend about 97.4 per cent of their average income on food. The report highlights how high inflation, sluggish economic growth and high unemployment rates fuel Nigerian consumers’ cost-of-living crisis. Seyi Awojulugbe, Senior Analyst, SBM Intelligence joins CNBC Africa for more…

9 November 2023
50% of Nigerians saw a rise in income in four years
Five in 10 Nigerians experienced an increase in their income in the last four years, according to a new report by SBM Intelligence, an Africa-focused geopolitical research and strategic communications consulting firm…

The Nation
Words are not enough
Unsurprisingly, Nigeria’s security crisis was further highlighted at the opening ceremony of the Countering Violent Extremism Course 3/2023 organised by the Martin Luther Agwai International Leadership and Peacekeeping Centre (MLAILPCK) at the Nigerian Army Resource Centre (NARC), Abuja…

5 November 2023
Manufacturers in ₦166bn loss as borrowing costs surge seven-fold
Six out of 10 fast-moving consumer goods (FMCG) firms in Nigeria posted losses in the first nine months of this year as their borrowing costs swelled on the back of rising interest rates and naira devaluation, a BusinessDay analysis of data from their financial statements shows…

Tunnel of Thorns: In Zamfara, Farmers Work, Bandits Eat
Nigeria’s Northwest, Zamfara State especially, is plagued by a deadly crisis being perpetrated by criminal gangs famously known as bandits. According to data from the Armed Conflict Location & Event Data Project (ACLED), a conflict data aggregator, these bandits killed more than 2,600 civilians in 2021, an increase of over 250 percent from 2020…

3 November 2023
The National UK
Nigeria grapples with spiralling kidnapping crisis
At 6pm on August 7, Ada Chukwu, an apprentice tailor in Apo, a district in Nigeria’s capital city Abuja, packed her bag and walked to the main road to flag down a shared taxi to take her home…

2 November 2023
Arise News
DRC Falls Flat on All Indexes, Unsuitable for Investments – Ajileye
Partner, SBM Intelligence Tunde Ajileye says in a comparative analysis on the risk of investing in Africa on a country basis, DRC Congo falls flat on every index that includes leadership and government, economy, history and geopolitics placing it as a high-risk country for foreign investors…

Development Diaries
Onitsha Jungle Justice: Why Anambra Must Arrest Perpetrators
A video of two men struggling for their lives as they were being burnt to death in the Onitsha area of Anambra State, southeast Nigeria, has generated outrage on social media. Development Diaries reports that the men, simply identified as Omaume and Monday, were alleged by traders and residents to be members of an armed robbery gang…

1 November 2023
Socio-economic, environmental challenges
On Moneyline with Nancy, SBM partner, Ikemesit Effiong addresses the economic issues of the country with the freefall of the naira…

Daily Post
EndSARS: NHRC asks govt to pay compensation to police brutality victims
The National Human Rights Commission (NHRC) has demanded immediate payment of compensation from state governments to victims of the Nigerian Police’s brutality, harassment, extortion and extrajudicial killings, following the findings of their constituted Judicial Panel of Inquiry…

Compensate victims of police brutality, NHRC tells states
The National Human Rights Commission has urged state governments to immediately compensate victims of police brutality as identified by the panels of inquiry set up for that purpose…

The Whistler
Offspring Of Blood: Investigating Benue’s Herder-Farmer’s Clashes — (Part 2)
“They are rarely masked, invading villages in black hoods and trousers or army camouflage with crossbody bags. They have a striking resemblance, wielding dangerous weapons as they skulk about grown bushes. Only those lucky to flee their farms and communities live to tell the story…”