An Entrepreneur is a person who sets up a business or businesses, taking on financial risks in the hope of making a profit. According to The Economist (pocket world in figures 2019 edition), 37.5% of the Nigerian population aged between 18–64years are either nascent entrepreneurs or owner-managers of a new business. This means that the entrepreneurial spirit and vibrancy is embedded in the Nigerian culture and anthropology.
Interestingly, 9 out of the 10 top countries for entrepreneurial activity in the world are African, with an average of 33.01% of the adult population (18 – 64years) owning or running a business. The high unemployment rate (23.1%) and a rise in the poverty level (86.9 million Nigerians living in extreme poverty) have forced many to start a full or side business. The Trader Moni initiative among others gives credence to this phenomenon.
The lifestyle section of the Unity Bank Digest offers ways to think differently as entrepreneurs.
The NBS released the headline inflation data for December, and as widely expected, it increased by 0.16% to 11.44%. In addition, food inflation increased by 0.26% to 13.56%. This was driven by a boost in aggregate demand linked to the year-end festivities and election-related spending.
In this edition of the Unity Bank Digest, look out for the breakdown of the inflation numbers. You will also find social stories such as the full scoop on the Golden Globes 2019, and the Forbes African Billionaires 2019.
Enjoy your read!