Dear Subscriber,

Together, everyone achieves more

In the world of business, going solo often doesn’t cut it, but embracing togetherness and teamwork does. A renowned American writer and political activist, Helen Keller, brilliantly said, “Alone, we can do so little; together, we can do so much.”

Teamwork isn’t just a buzzword; it’s the driving force that transforms challenges into opportunities, ordinary into extraordinary, and hurdles into stepping stones. It’s the craft of blending unique talents and minds and uniting them under a common banner. Just like a chef needs diverse ingredients to create a masterpiece, our projects and aspirations thrive on the perfect cocktail of skills and perspectives. We call it the magic of collaboration. Find out more about the essence of teamwork in the workplace in the lifestyle section of this edition of the Unity Bank digest, because together, we truly achieve more.

Cost pressures remain potent

The first half of October has been a battleground for consumers and businesses as cost pressures mount. From cooking gas prices spiking by 60% in a month to diesel prices selling above ₦1,000/litre, living standards are fast declining. Worse, the naira continues to lose value, falling to a record low of ₦1,065/$ as market participants continue to price in FX market distortions. As a result, inflation rose to a staggering 26.72% in September, an 18-year high.

Bright spots exist

Though inflationary pressures persist, some cheery news exists. Oil production rose to a 7-month high by 14% to 1.35 mbpd in September, supported by a 61% increase in oil rigs to 29 due to increased investment. Higher oil production will bolster oil earnings, despite fairly lower global oil price (currently at $89.61 per barrel). Also, the CBN has removed its FX restrictions on imports. All these are likely to boost investor sentiment, supporting dollar inflows, and aiding the capacity of the CBN to defend the naira in the near term.

This edition of the Unity Bank Digest provides a comprehensive analysis of these economic trends and some engaging lifestyle and entertainment stories for your reading pleasure.

Please enjoy your read!