SBM Intelligence report has revealed that the controversial sit-at-home order enforced by the Indigenous People of Biafra (IPOB) since August 2021 has cost the southeastern region of Nigeria a staggering ₦7.6 trillion in economic losses.
The order, which was initially introduced to demand the release of the leader of IPOB, Nnamdi Kanu, has now been turned into a terror instrument.
The order has led to the crippling of economic and security crisis in Southeast region.
The report, which provides a detailed assessment of the sit-at-home directive’s impact, reveals that the weekly lockdowns—particularly enforced every Monday—have led to a dramatic decline in economic activities. It has also disrupted food supply chains, and stalled operations in key commercial hubs such as Onitsha and Aba.
One of the most affected sectors has been banking. According to the SBM Intelligence findings, one of the most affected sectors is the banking.
It stated that commercial banks across the Southeast have experienced a steep drop in customer visits due to persistent security concerns.
As a result thereof, many residents have turned to Point-of-Sale (POS) agents as safer and more accessible alternatives for their financial transactions.
“The sit-at-home protests caused a 50-70% income drop for most, though POS agents gained customers,” the report noted.
The report highlighted how the directive has reshaped consumer behavior and accelerated the rise of informal financial services.
It noted that the sit-at-home, which was originally intended as a symbolic act of civil disobedience, quickly took on a more forceful and threatening dimension. With compliance often driven more by fear than by political sympathy.
“While initial participation was widespread, recent surveys show that only 29% of southeastern residents still actively support the initiative. Most comply primarily for their personal safety, not ideological reasons.
“The ripple effect of the directive has been felt across multiple sectors. Small business owners have reported sharp drops in income, with many struggling to stay afloat.
“The drop in earnings has weakened people’s capacity to save. Further exposing households to inflation and reducing long-term financial resilience.
According to SBM Intelligence, these economic pressures have pushed more people into the informal economy, relying heavily on POS agents, who have emerged as unintended beneficiaries of the weekly shutdowns.
“With banks frequently closed and ATMs inaccessible, POS terminals have become the default channel for cash withdrawals and basic financial services.
“Beyond financial implications, the sit-at-home order has also taken a devastating toll on human lives and public services.
“At least 776 people have been killed since enforcement began. While the disruptions have paralyzed educational systems, halted transportation, and undermined regional trade.
“The sit-at-home directive has morphed from a protest tool into a long-term threat to economic stability, education, and public safety in the Southeast,” the report emphasized.
“As the directive enters its fourth year with no resolution in sight, stakeholders and policymakers are raising urgent concerns about its sustainability.
The report, therefore , called for a renewed focus on dialogue, economic revitalization, and community engagement to de-escalate tensions and restore normalcy across the region.