November 2024

29 November 2024
BusinessDay
Nigerian farmers pay ₦1.19bn ransoms to bandits in 4 years
Farmers in Nigeria paid over N1.19 billion as ransoms for their release from bandits between 2020 and 2024. An analysis of various 2024 crisis reports released by the research firm, SBM Intelligence, shows that between 2020 and 2024, farmers in Nigeria’s insecurity hotspots States, paid over ₦1.19 billion for their release from bandits’ dens…

Nigerians ‘hustle’ way out of unemployment
Nigeria’s unemployment unexpectedly fell in the second quarter of 2024, fuelled by the steady rise in self-employment, otherwise known as ‘hustle jobs’ as loss in paid employment puts citizens’ entrepreneurial skills to test…

Top 10 most expensive food in Nigeria ahead of Christmas
A tough Christmas lies ahead for Nigerians as they anticipate yet another Yuletide, but a three-fold rise in food costs is making the once-looked-forward-to period sobering…

25 November 2024
BusinessDay
Nigeria’s economy yet to turn corner despite reforms
Nigeria’s economy is now at a higher risk despite the bold reforms in 2023 that have worsened living conditions and led to the closure of many businesses, according to a new report by SB Morgen Intel…

Top 10 African countries with high instability risk
Recent evaluations of political stability in Africa have identified several countries as particularly vulnerable to instability, driven by a complex interplay of factors including governance challenges, economic distress, and social tensions…

CNBC Africa
Africa country instability risk index at 45.4% in 2024
Data from SBM Intelligence Africa Country Instability Risk index shows Sub-Saharan Africa recorded an average of 45.4 per cent this year. Of the 48 countries surveyed, 31 reported improved performance, while the rest deteriorated…

Guardian Nigeria
Economic situation worsens as Nigeria drops by six points on SSA risk index
This is indeed not the best of times for Nigeria’s economic managers as international rating agencies have continued to raise concerns about the state of the country’s economy…

When Obasanjo speaks
Former President Olusegun Obasanjo (OBJ) does not suffer fools gladly and never shies from a good public fight. Since he left office as military head of state in 1979, his many interventions often provoke a pall of ominous dust…

Legit NG
Experts Predict Another Increase in Interest Rates As Inflation Continues to Rise
Economic experts are forecasting another interest rate hike as the Central Bank of Nigeria (CBN) meets on Monday, November 25, and Tuesday, November 26, 2024, to find solutions to rising inflation…

News Express
Rising insecurity in Abuja
The spate of insecurity in the Federal Capital Territory (FCT), Abuja, has become worrisome. Abuja, once known to be one of the safest places in the country, has become a den of all sorts of vices ranging from kidnapping to “one chance” mobile robbery operations among others…

Nigerian Tribune
Geo-Political tensions cost Africa $10bn in FDI
Africa’s foreign direct investment (FDI) inflows have taken a significant hit, plummeting by $10 billion, as escalating geo-political tensions across the globe continue to dampen investor confidence and hinder economic growth on the continent…

Sun Nigeria
Nigeria downgraded to ‘vulnerable’ in 2024 instability index as austerity worsens
Nigeria has slipped into the “vulnerable” category in the 2024 SBM Intelligence Africa Country Instability Risk Index, a significant decline from its “stable” classification in 2023. This comes as experts pick holes in the recent endorsement of President Bola Tinubu’s economic reforms by the International Monetary Fund (IMF), saying the support betrays the hardship majority of Nigerians face currently…

24 November 2024
Guardian Nigeria
Despite reforms, Nigeria’s economic risk worsens
This is indeed not the best of times for Nigeria’s economic managers, as international rating agencies, rather than applaud their efforts, have continued to express loss of confidence in the state of the country’s economy…

Nairametrics
Risk Index: Nigeria moves from stability to vulnerability amid economic challenges
Nigeria has been classified as “vulnerable” to instability in 2024, according to the latest SBM Intelligence Africa Country Instability Risk Index…

Neusroom
Nigeria’s Economic Woes Push Country from Stability to Vulnerability
Nigeria has been downgraded to a “vulnerable” status in the latest SBM Intelligence Africa Country Instability Risk Index for 2024, a significant shift from its “stable” rating in 2023. The country now faces heightened political and economic risks, scoring 45—down six points from last year’s 39…

News Central
The Cost of Cooking: How Rising Prices Are Changing Nigerian Meals
The increasing cost of cooking gas in Nigeria, now averaging ₦6,915 for a 5kg cylinder, is forcing families to adapt their cooking habits. With the North-East facing the highest prices, many households are turning to alternatives like firewood and charcoal, raising concerns about health and environmental implications…

Radar
Nigeria drops 6 points from ‘stable’ to ‘vulnerable’ in latest risk index ranking
Nigeria has dropped six points from “stable” in 2023 to “vulnerable” in 2024, according to the latest SBM Intelligence Africa Country Instability Risk Index (ACIRI)…

23 November 2024
Legit NG
2 in 3 Nigerian Households Lack Money for Healthy Food New Report
The National Bureau of Statistics (NBS) has new survey has highlighted the dire state of multidimensional poverty in the country, revealing that two-thirds of households cannot afford healthy, nutritious food due to rising living costs…

News Central
High Transport Fares in Nigeria: Coping Strategies and Solutions
The escalating cost of transportation in Nigeria is reshaping how millions move and access opportunities. Air travel, once a safer alternative, now sees ticket prices soaring between ₦900,000 and ₦6.5 million, leading to a staggering 60% drop in passenger traffic at major airports. Road and water transport costs have surged by 403% and 149%, respectively, creating barriers to jobs, tourism, and economic growth…

22 November 2024
Business Insider
Top 10 African countries with the highest risk of instability
A new report on Africa’s instability index reveals that certain regions have become less stable over the past year, now falling into the categories of ‘vulnerable’ or ‘critical’ based on their instability risk levels…

21 November 2024
BusinessDay
Nigeria’s economy ranks low on weaker currency
Nigeria’s economy ranks low on weaker currency, rising inflation and other economic challenges, according to the ‘Africa Country Instability Risk Index’ report by SBM Intelligence, released in November 2024…

The Cable
Sub-Saharan Africa lost $10bn in FDIs to instability in 2024
Sub-Saharan Africa reportedly lost an estimated $10 billion in foreign direct investments due to the effects of instability within and outside the continent in 2024…

Premium Times
Nigeria rated ‘Vulnerable’ in latest Africa Country Instability Risk Index
Nigeria has become less stable in the past year and can now be categorised as ‘vulnerable’ based on an instability risk index, according to a new report…

Proshare
Africa Loses $10bn FDI Flows to Geo-Political Developments
Geopolitical developments, including hostilities in the Middle East and Eastern Europe, had an outsized geopolitical impact on the Sub-Saharan African region, highlighting its international outlook…

Sahara Reporters
Nigeria More Polarised Than Ever After 2023 Election, Tinubu’s Unpopular Reforms
A 2024 report by SBM Intelligence has shown that Nigeria’s economy has continued to worsen. According to the report, rising food inflation, persistent insecurity across all geo-political zones, and more people falling into extreme poverty have worsened the country’s economy…

Nigerian Terrorist Flaunts Ransom Money On TikTok From Hideout
A Nigerian terrorist, Sarkin Yaki, has flaunted the ransoms paid to him and his group by families of kidnapped victims. In multiple videos shared on his TikTok page, @sarkinyaki34f with 7,893 followers and 27,700 likes, the terrorist is seen arranging bundles of ₦1,000 and ₦500 notes on a mat inside a forest…

20 November 2024
Guardian Nigeria
Botu urges Tinubu to convene emergency security meeting
As the festive season inches closer, President Bola Tinubu has been urged to convene an emergency security meeting to tackle insecurity challenges across the country…

LegitNG
Naira, Inflation Pushes Nigeria Into ‘Vulnerable Status’ in Africa Country Instability Risk Index
Nigeria’s economic challenges, marked by the depreciation of the naira and persistent inflation, have contributed to its slide into a “vulnerable status” on the African Country Instability Risk Index (ACIRI) for 2024…

19 November 2024
Punch
FG plans fresh ₦31tn borrowing, total debt may hit ₦170tn
The Federal Government plans to allocate a significant portion of its budget to debt servicing over the next three years, surpassing allocations for capital expenditures…

18 November 2024
Brand Economy
Beware of fraudsters peddling contracts, project funding claims
The Central Bank of Nigeria (CBN) warned Nigerians to beware of fraudsters peddling contracts, project funding claims. CBN raised the alarm over activities of fraudsters purporting to be in receipt of award letters of contracts related to construction works…

News Diary
Lakurawa, The Military, Farmers And Food Security
Lakurawa: A short video trended on social media last week of Nigerian Soldiers providing security for farmers as they harvested beans on their farms. Although less than 30 seconds long, the video speaks to the terrible state of insecurity in Nigeria…

17 November 2024
BusinessDay
Lakurawa: How much of a threat is new terror group?
Recently, the media was awash with the news of the emergence of Lakurawa, a new terrorist group, in the North-West of Nigeria…

16 November 2024
Nigerian Tribune
Senate’s wake-up call to service chiefs
During plenary on February 2, the Senate President, Ahmad Lawan, responding to a point of order raised by Senator Bello Mandiya (APC, Katsina South), joined his colleagues to call on the country’s service chiefs to “wake up” and protect Nigerians…

14 November 2024
The Africa Report
Nigeria’s diaspora investment hinges on returns and stability
Nigeria is courting its American diaspora to help solve its longstanding forex shortage, but success will require more than patriotic appeal…

News Central
Nigeria’s Health Crisis: Are States Prepared for Outbreaks?
In today’s episode of Jasiri, we tackle the pressing issue of Nigeria’s healthcare preparedness with Bunmi Bailey, Head of Research at SBM Intelligence…

Sahara Reporters
Tinubu’s Policy, Poor Economy To Blame For Skyrocketing Airfare In Nigeria
Arecent report by SBM Intelligence, titled “Moving out of Reach,” reveals that the devaluation of the naira is the primary driver behind the surge in airfare costs in Nigeria…

13 November 2024
The Africa Report
Nigeria: Who are the Lakurawa terrorists making inroads in the North West?
The group, made up of jihadists from Mali, Burkina Faso and Chad, has operated silently in Sokoto since 2018, but is now aggressively recruiting in the region…

12 November 2024
Dataphyte
Amotekun’s impact on security in Ondo State
Established in 2020, the Western Nigeria Security Network (WNSN), commonly called Amotekun, is a security outfit operational in the six south-west states to combat insecurity challenges within the region…

ThisDay
Lukarawa Threat: Sokoto Braces, Maintains Development Strides
Last week, the Defence Headquarters confirmed the emergence of Lukarawa, a new deadly terrorist group in Sokoto and Kebbi states, threatening critical governance strides in these subnational enclaves…

11 November 2024
Business Hallmark
Concerns as Nigerians’ per capita income drops by over 200 per cent in 10 years
Nigeria’s dream of achieving a $1trn economy in ten years is under threat, with plummeting per capita income showing a dramatic decline in productivity that requires serious policy shift to reverse…

Jeune Afrique
Au Nigeria, Moniepoint rejoint le club des licornes
Interruption des services bancaires, pénurie de financement… l’industrie mondiale de la fintech connaît un ralentissement spectaculaire depuis 2022. Pourtant, une fintech nigériane tire son épingle du jeu en s’offrant le sésame du club très fermé des licornes valorisées à 1 milliard de dollars…

News Central
Ghana Increases Cocoa Farmgate Price Again: What It Means for Farmers
President Nana Akufo-Addo has announced a second increase in the farmgate price for cocoa, raising it to 49,600 Ghanaian cedi per metric ton. This adjustment addresses challenges like smuggling and output shortages from the previous season…

Tech Economy
Debt Trap: Are Loan Apps Creating a New Wave of Poverty in Nigeria?
In Nigeria, four in ten people are in debt, with 26% owing money to loan apps. This statistic leaves us wondering if loan apps are creating a new wave of poverty…

8 November 2024
Crux
Another priest kidnapped in Nigeria amid on-going terrorism
Another Catholic priest has been kidnapped in Nigeria in what is seen as a growing threat to Christians in Africa’s most populous nation…

The Pinnacle Gazette
Soaring Food Prices Leave Millions Hungry
Nigeria is grappling with soaring food prices, leaving millions of its citizens facing hunger and food insecurity. Recent reports reveal alarming statistics about the state of food availability and affordability, painting a distressing picture for many families across the nation…

7 November 2024
The Africa Report
How Moniepoint became Nigeria’s latest unicorn
As Nigerian banks grapple with service disruptions from system upgrades, payment processing firm Moniepoint Inc. has surged in popularity, breaking into the exclusive unicorn club with a $1bn valuation. That puts it in the same league as Interswitch, Flutterwave, Opay Digital Services, Wave Mobile Money, Andela and MNT Halan…

6 November 2024
LegitNG
Cooking Jollof Rice Now Costs Over ₦20,000, Residents of 3 States Pay More
The cost of preparing a pot of jollof rice for a family of five, Nigeria’s beloved staple, surged by 5.1% between June and September, reaching an average of ₦21,300 for a family of five. This is according to the latest “Jollof Index” report from SBM Intelligence…

4 November 2024
The Africa Report
Who is Nigeria’s most‑wanted bandit Bello Turji?
The 30-year-old most-wanted kingpin and his band of criminals have killed, kidnapped and imposed illegal levies on communities in the north for years…

BusinessDay
Nigerians’ per capita income hits 20-year low on weak economy
Per capita income earned by an average Nigerian has plummeted by a staggering 72.8 percent, the lowest since 2004. The slump is as a result of policy missteps made in the last decade that have weakened the Nigerian economy and worsened citizens’ living conditions, according to SB Morgen, a Lagos-based data and intelligence gathering firm…

Nairametrics
Scarcity of affordable housing options in Abuja traps poor Nigerians in slums
It is the irony in its name that first strikes you when you get to the area called Kings and Queens in Bwari, Federal Capital Territory (FCT)…

National Economy
Systems Upgrade: Customers’ ₦59bn Loss To E-Fraud Puts Banks Under Pressure
Nigeria’s banking sector is under intense pressure after suffering an alarming loss of ₦59.33 billion to electronic fraud over the past five years, including a staggering N17.67 billion lost in 2023 alone…

News Central
Fuel Subsidy Removal: Right Policy, Wrong Approach – Nwanze
According to Cheta Nwanze, a researcher, data analyst, and partner at SBM Intelligence, the removal of fuel subsidies was the right and necessary decision, but the manner of its implementation was totally wrong…

Nigeria’s Economy Under Pressure: Cheta Nwanze Exposes the Harsh Realities
Cheta Nwanze, Partner at SBM Intelligence, unpacks the urgent economic issues gripping Nigeria, from rising inflation and soaring unemployment rates to the troubling effects of currency devaluation…

3 November 2024
BusinessDay
EFCC: Why do state governors rage?
Considering the drama that has trailed and is still trailing the much anticipated arrest of Yahaya Bello, former governor of Kogi State, by the Economic and Financial Crimes Commission (EFCC), one is forced to wonder if the anti-grant agency has lost its bearing…

2 November 2024
IOL
No rule book in Africa’s game of democracy
The gold-plated crown of democracy in Africa has fast lost its sparkle. It is not a pretty sight. Catastrophic conflicts are collapsing Sudan and the DRC. In Kenya, the spectrum of dissatisfaction with the government continues to threaten the nation’s heartbeat. And this week, post-election protests in Mozambique claimed at least eleven lives…

The Times
Kemi Badenoch, symbol of a changed party and country
If you had told John Taylor in 1992 that one day the Conservative Party would be led by a black, first-generation British-Nigerian immigrant, he would not have believed you…

1 November 2024
BusinessDay
Cost of making jollof rice rises to ₦21,300 in four months
Within a period of four months (June-September), the average cost of preparing a pot of jollof rice, a popular Nigerian delicacy for a family of five, rose by 5.1 percent to ₦21,300, according to the latest Jollof Index report…

FIJ
Daily Abductions Fuel Fear Among Abuja Residents
The rising insecurity in Abuja, particularly daily kidnapping incidents in some areas, is fuelling fear among residents of the Federal Capital Territory (FCT)…

TVC News
Private Security firm calls for increased efforts to tackle insecurity in Niger
SBM Intelligence, a private security firm, believes efforts must be increased to address security concerns following destruction of electricity infrastructure and a reported security breach at a military installation in the state…