Unemployment, Poverty and Coronavirus
Unemployment in Nigeria is expected to rise to 33.6%, which means that three in every ten Nigerians (of the workforce) will be unemployed by the end of 2020 according to Nigeria’s Economic Sustainability Plan. Globally, companies are also becoming more cost-efficient in their quest to remain solvent. For example, in the UK, furlough or support from the government will cease in August. This means that companies will need to pay lower salaries or slash their payroll. In the US, over 41 million Americans have filed for jobless claims and unemployment is at a record 13.3%.
All of these indicators are a stark reminder to those in employment to hold tightly to their jobs and maximise whatever retail loans are being offered by commercial banks especially Unity Bank.
Diaspora remittances or transfers from friends and relatives abroad who still have jobs are another safety net. Unfortunately, diaspora inflows into Sub-Saharan African (SSA) countries including Nigeria are estimated to drop sharply by 23.1% to $37bn in 2020.
This edition of the Unity Bank Digest contains key economic developments that have been perfectly packaged to give you the ideal dose of information and entertainment. The lifestyle section of the digest also outlines tips on how to take care of yourself as you search for new opportunities in a new world order.
Enjoy your read!