Dear subscriber,

Petrol shortage rears its ugly head again

Queues at filling stations have resurfaced in the country as petrol scarcity persists. At the black market, petrol is being sold as high as N1,500/$, 149% higher than its pump price of N602/litre. Consequently, there are fears of declining living conditions in Nigeria as inflationary pressures intensify. Transport costs have already begun to rise. Bus fares from Obalende to VI have risen by 67% to N500 from N300 in just two days. The ripple effects of these developments are expected to be felt by small businesses and consumers alike, with firms facing heightened production costs that will lower their profit margins. Moreover, with transportation costs accounting for over 6% of consumers’ income, the increase in bus fares is likely to exacerbate financial strain.

What next?

Higher diesel and fuel prices are likely to stoke food inflation further in April/May. Prices of commodities such as bread, which diesel constitutes 15% of its production cost, are expected to rise in tandem. Notably, the prices of tomatoes and beans (oloyin) have surged by 43% (N50,000/bag) and 25% (N100,000/bag) respectively in response to the heightened fuel prices. In an attempt to anchor inflation expectations and curb prices, the MPC is expected to vote for higher interest rates during its next meeting on May 20-21, 2024.

You can be your own greatest enemy

There is a growing trend among Nigerians to break Guinness World Records (GWR). While there are many victors in this quest, some have given up along the way. The distinguishing factor? Self-discipline. This factor of self-discipline is not for breaking GWRs alone. It applies to everything. It is what sets apart written and accomplished goals and defines success and failure. Plato, one of the world’s best-known and most widely studied philosophers, once said, “For a man to conquer himself is the first and noblest of all victories.” You can begin your conquest today by delving into the lifestyle section of this Unity Bank digest, which lists eight steps for mastering self-discipline.

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

Enjoy your read!