According to the US Bureau of Labour Statistics, 20% of small businesses fail by the end of their first year and by the fifth year the number rises to 50%. For first-time business owners, the pressure to succeed often makes them forget the learning opportunity hidden within every setback. In Nigeria, the challenges run deeper- poor access to credit, high borrowing costs and a difficult business environment. Nonetheless, Nigeria has the 3rd highest number of entrepreneurs globally.
The lifestyle section of this Digest suggests essential tips for business owners that prepare them for owing a successful business.
Meanwhile, Nigeria’s gross external reserves level has now declined below the psychological resistance level of $47bn to $46.56bn. The depletion, which is happening at the same time advanced markets are tightening monetary policy, is bound to trigger capital outflows from Nigeria.
This edition of the Unity Bank Digest contains the usual cocktail of social and business stories, handpicked for your reading pleasure. Look out for the scoop on Disney’s new African themed movie and the new time management feature on Instagram and Facebook.
Enjoy your read!