Globally, only eight countries host a higher number of displaced persons than Nigeria. The five-year Boko Haram insurgency has led to the creation of the worst humanitarian crisis to occur within Nigeria’s borders since the civil war. According to a 2015 report by the Internal Displaced Monitoring Centre and the Norwegian Refugee Council, Nigeria has 2,152,000 million persons displaced by the Boko Haram insurgency. The UN says 4.5 million people need food aid across
For years Nigeria has been a classic case study for the resource curse. Despite being blessed with some of the world’s most arable land, the country has gone from being self-sufficient, to import dependent – food wise.
Following a lengthy period of economic growth, Nigeria has slipped into a recession on the back of low oil prices and production challenges. Once again, Nigerians are realising that agriculture is a sure path to future sustained prosperity.
The primary function of the Nigerian military as per the constitution of the country as well as global best practice is to protect the territorial integrity of Nigeria and protect the country from foreign threats. In carrying out this mandate, the Nigerian military has done exceptionally well. Nigeria’s territory since independence has not been lost by military action of a foreign or domestic aggressor. In the recent case where Boko Haram claimed parts of Nigerian
The Buhari administration has come under intense scrutiny recently over the concentration of appointments in one region. SBM Intelligence has curated the appointments since May 2015 to separate the facts from the assumptions.
Editor’s note: An earlier version of this infographic stated that the number of appointments made by President Muhammadu Buhari since coming into office was 121. This figure is inaccurate
The scope of this report is from March to May 2016. This report shows that the prices of locally produced consumer goods have been rising since January, while the prices of imported goods have also maintained a generally upward trajectory over the same period. Indeed, consumer prices have substantially risen since the last SBM Intelligence food prices report which covered the
The naira gained over the dollar following the approval by President Muhammadu Buhari of flexible exchange rate market. Naira firmed by ₦7.50k against the dollar as it closed at ₦368.50k on Friday, representing compared with ₦376/$ the previous day at the parallel market. BusinessDay reported that Buhari gave his approval for the CBN to begin the implementation of flexible exchange rate system, after receiving a memo from the monetary authorities on Wednesday
“Tough times will soon be over,” President Buhari declared during his 2016 Workers Day address to Nigerians. These are tough times indeed for Africa’s largest economy. A quick scan through key economic indicators as highlighted in the table below show steep declines in GDP growth, oil production and revenues over the past 12 months, whereas inflation rates have risen by a whopping 4.5% in the same time period.
|May 2016||May 2015||Variance|
|GDP Growth Rate||-0.36%||3.96%||3.59%|
|NGN/USD Exchange Rate (Official)||197.00||197.00||–|
|NGN/USD Exchange Rate (Parallel)||350.00||220.50||129.50|
|Foreign Reserves ($bn)||27.1||29.6||(2.5)|
|Oil Production (Mb/day)||1.4||1.65||(0.25)|
The country’s over-dependence on oil has been chastised
During the week, the Nigerian Governors Forum reached out to the Country Director of the World Bank, Rachid Benmessaoud. Many states in the country, for example, have found it difficult to pay workers’ salaries. The governors’ invitation to Benmessaoud was about a $3.25 billion fund, which is currently lying idle. The money, which was largely set aside for the state governments, has not been accessed because of the cumbersome procedures involved. Added to that
In the early hours of Monday, April 25th, 2016, destruction was unleashed upon Ukpabi-Nimbo, a sleepy village in Uzo-Uwani LGA of Enugu State. Scores of heavily armed Fulani herdsmen executed a ferocious attack on the community, killing dozens and seriously injuring a large number of others.
According to eye-witnesses, at least fifty people were killed, and about thirty seriously injured by the time the attack was over. Some witnesses who spoke to SBM Intelligence said
Markets across Nigeria have recorded quite a lot of changes under the various foodstuff categories over the past few months due to the overbearing influence of various factors that range from seasonal changes, reduced production, increased handling costs and weaker foreign exchange rates.
Though some of the increase in the price of some commodities were expected, a significant number of commodities recorded increases in price due to other contingent reasons that came