National Economy
Tuesday, July 8, 2025
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
Read News
National Economy
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
National Economy
No Result
View All Result
Home Economy Nigerian Economy

Insecurity, Kidnapping Cause 33% Drop In Abuja Businesses’ Revenues

by Adejumoke Adeeso
1 year ago
in Nigerian Economy
Reading Time: 2 mins read
KIDNAPPING
Share on FacebookShare on TwitterShare on Telegram

You May Like

Clearing Nigeria’s Drainages-A Cost-saving Imperative, Not A Cosmetic Fix

Unlocking The Economic Potential of Nigeria’s Shea Industry

A recent report by SBM Intelligence titled: “Inside Nigeria’s Hostage Capital: Unravelling the Economic Impact of Abuja’s Kidnap Epidemic” reveals a significant 33 per cent decline in the revenues of businesses in Abuja between January 2023 and January 2024 due to the escalating incidents of kidnapping and insecurity.
The economic impact outlined in the report encompasses several factors, including increased costs in transportation and rent in upscale areas, a surge in estate security fees, reduced business revenue, and financial losses incurred through ransom payments.
The downturn in economic activities, particularly in nightlife entertainment at hangout spots and recreational centers, contributed to a decline in revenue for businesses.
Many individuals and businesses are now opting to close early, as early as 5 pm to 6 pm, to mitigate the risk of insecurity, leading to the overall 33 per cent drop in revenues.
Impact on Housing Costs:
The increase in criminal activities, especially kidnappings, has led to a decrease in property values, particularly in areas like Bwari and its vicinity.
 Landlords in these areas are experiencing consequences as people are moving away. Conversely, rents in affluent and more secure areas are rising as more residents migrate from high-risk areas.
Impact on Transportation:
Transportation fares have surged by 100 per cent to 250 per cent due to the ongoing crisis. The popular public transport service ‘Along’ has become a target for ‘One Chance’ criminals, prompting residents to opt for safer alternatives like Bolt and Uber.
Security Fees and Gadgets:
Residents in crime hotspots experience increased security fees, up to 20 per cent in the past year. Additionally, individuals invest in more security gadgets like CCTV cameras to enhance their safety.
The SBM report indicates that approximately 283 individuals were abducted between January 15, 2023, and January 15, 2024.
Tags: SBM
ShareTweetShare
Previous Post

NDIC Commences Verification For Creditors Of Defunct Gracefield MFB

Next Post

Atiku Challenges FG’s Directive To Remit Crude Oil Revenue To CBN

ANOTHER GOOD READ

Clearing Nigeria’s Drainages-A Cost-saving Imperative, Not A Cosmetic Fix
Nigerian Economy

Clearing Nigeria’s Drainages-A Cost-saving Imperative, Not A Cosmetic Fix

1 day ago
Unlocking The Economic Potential of Nigeria’s Shea Industry
Nigerian Economy

Unlocking The Economic Potential of Nigeria’s Shea Industry

2 weeks ago
Imperative Of Peace For Nigeria’s Economic Growth
Nigerian Economy

Imperative Of Peace For Nigeria’s Economic Growth

3 weeks ago
Unlocking Nigeria’s Leather Industry For Greater Economic Gains
Nigerian Economy

Unlocking Nigeria’s Leather Industry For Greater Economic Gains

4 weeks ago
Why Nigeria Must Rein In Non-state Economic Actors
Nigerian Economy

Why Nigeria Must Rein In Non-state Economic Actors

1 month ago
Unlocking Nigeria’s Leather Potential For Economic Growth
Nigerian Economy

Unlocking Nigeria’s Leather Potential For Economic Growth

3 months ago
Next Post
Atiku Challenges FG’s Directive To Remit Crude Oil Revenue To CBN

Atiku Challenges FG’s Directive To Remit Crude Oil Revenue To CBN

Most Recent

Trump Cryptocurrency Drops Amid US Tariff Backlash

Trump Threatens 10% Tariff On Countries Aligning With BRICS

July 7, 2025
China Hits US With Retaliatory Tariffs, Launches Probe Into Google Practices

China Responds To Trump’s Tariff Threat Against BRICS-Aligned Countries

July 7, 2025
CBN Unveils New Liquidity Instruments For NIFIs

CBN Clarifies BVN Fee For Nigerians In Diaspora

July 7, 2025
Labour Institute’s DG Hails Tinubu On Rights Protection, Nigeria First Policy

Fiscal Governance Lifeblood Of National Development— Tinubu

July 7, 2025
Labour Institute’s DG Hails Tinubu On Rights Protection, Nigeria First Policy

At BRICS Summit,Tinubu Demands Reform Of Global Financial, Health Systems

July 7, 2025
LG Launches “Radio Optimism” Campaign

LG Launches “Radio Optimism” Campaign

July 7, 2025
Are Africans Genetically Inferior?

Are Africans Genetically Inferior?

July 7, 2025
Jaiz Bank Lifts NYSC Camp Spirit With Thrilling Football Match

Jaiz Bank Lifts NYSC Camp Spirit With Thrilling Football Match

July 7, 2025
Advertise with us

© 2024 | National Economy

No Result
View All Result
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy

© 2024 | National Economy