Dear Subscriber,
Water is neither your enemy nor your friend
Contrary to Fela’s popular song “Water no get enemy,” the Nigerian Hydrological Services Agency has forecast heavy rainfall and potential flooding across 30 states, including the Federal Capital Territory (FCT), Abuja. States like Abia, Borno, Cross River, Lagos, and Zamfara are expected to be among the hardest hit. For many Nigerians, memories of last year’s floods — from property losses to business disruption — remain vivid, especially in sectors like agriculture and entertainment. The creative industry alone, a key contributor to GDP, continues to face event cancellations and revenue losses during the rainy season. Nevertheless, there is no cause for panic. In this edition of the Unity Bank Digest, we highlight simple, practical measures to help you protect your homes and businesses from the potential impact of flooding. As the saying goes, “You cannot stop the storm, but you can learn to sail through it.”
A new title, a new story?
Fitch Ratings has upgraded Nigeria’s Long-Term Foreign-Currency Issuer Default Rating from ‘B-’ to ‘B’, signaling increased confidence in the government’s ongoing economic reforms. Notably, among the key reforms, the reduction of petrol subsidies in 2023 has aligned domestic fuel prices more closely with global oil market dynamics, fostered greater competition in the downstream sector, and is expected to ease price distortions.
After two consecutive monthly declines, Nigeria’s headline inflation rose by 1.05% to 24.23% in March 2025. While food inflation eased slightly to 21.79%, the overall inflationary pressures remained high. The sustained rise in living costs is squeezing household spending power and driving up production expenses, making it increasingly difficult for small businesses and informal traders to remain profitable in an already strained economic climate.
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!
