04 Oct

The SBM homemaker’s guide #4 – We are being squeezed tighter

Consumer prices followed their turn-of-the-year increases which was reflected in the last SBM Intelligence report with a continued surge in the new survey period, which covered the months of June to August 2016, fuelled in large part by the following factors:

  • the increase in pump price of petrol from ₦87/Litre to ₦145/Litre, driving transportation costs up
  • the Central Bank of Nigeria abandoning a 16-month currency peg and authorising a managed float of the naira on June 20.

The upward march in consumer prices, which has continued almost unabated since 3Q 2015, has put a lot of pressure on Nigerians already grappling with other negative social factors as delayed (and in some cases,................   read more

09 Sep

Nigeria at the Olympics – Where do we go from here?

Where do Nigeria’s problems lie?

There is no argument that sports administration and lack of funding are two of Nigeria’s biggest impediments to sports development. However, the problems are more than these.

Nigeria prefers to spend money on sports like football which is a crowd pleaser compared to the top nations which prefer to focus available funds on those sports that offer lots of medals. Team sports like football, hockey and basketball are expensive because................   read more

30 Aug

Refugees in crisis – A look into the state of IDP camps

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................   read more

23 Aug

Cashew, as an example of Nigeria’s unrealised potential in agriculture

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.

Cashew................   read more

03 Aug

How can we salvage Nigeria’s deteriorating security situation?

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................   read more

11 Jul

Distribution of President Buhari’s appointments since May 2015

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.

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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................   read more

13 Jun

The SBM homemaker’s guide #3 – The squeeze is on

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................   read more

13 Jun

Daily Watch – Buhari approves flexible exchange rate, Fayose kicks against funding of school programme

  • 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.
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27 May

A year after, we look at Buhari’s 170 promises

“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
Inflation 13.70% 9.20% 4.50%
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)
FAAC (Nbn) 409.3 281.5 127.80

The country’s over-dependence on oil has been chastised................   read more

27 May

The week ahead – Damage is being done in the states

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,................   read more