Sit-at-Home Has Cost South East N7.6Trillion Economic Loses, Says SBM Report

A damning report released by SBM Intelligence has revealed the devastating economic and security consequences of the sit-at-home protests enforced by the Indigenous People of Biafra (IPOB) across Southeast Nigeria since August 2021.

The protests, which were initially intended to demand the release of IPOB leader Nnamdi Kanu, have resulted in a staggering N7.6 trillion in economic losses, crippling key sectors such as trade, education, and transportation.

According to the report, the weekly lockdowns have had a disproportionate impact on commercial cities like Onitsha and Aba, with the region’s transport sector losing an estimated N13 billion daily at the peak of the protests. The supply chains and logistics operations have been paralyzed, leading to significant losses and disruptions in trade volumes.

The sit-at-home protests, which began on August 9, 2021, as a symbolic act of dissent, have morphed into a long-running security and economic crisis, resulting in the deaths of at least 776 people.

The protests, which were initially driven by sympathy and fear, are now mostly observed out of concern for personal safety, with only 29% of residents expressing active support for the directive.

Despite IPOB’s insistence that the protests are voluntary, the enforcement has increasingly relied on intimidation and violence. Armed groups, described as unknown gunmen, have targeted residents who defy the order, leading to numerous casualties and worsening insecurity.

The education sector has also suffered significantly, with repeated closures causing students to miss national examinations like WAEC and NECO, hindering academic progress and future opportunities.

The report notes that the protracted crisis has transformed from a symbolic act of dissent into a devastating socioeconomic and security crisis for Southeast Nigeria.