Nigerian, the Highest Social Media Users in the World.
Nigeria is reported to have the highest internet (social media) utilization in the world (4.07 hours per day- Statista). Is this good news especially in the light of the 4th industrial revolution (digital revolution)? The country does not have to wait for 100 years to achieve economic take off like it happened in 18th century Europe.
However, some are saying that these guys on the internet are yahoo boys and fraudsters. But as they say, you can’t always win but we think it is great news especially with intermittent power from the national grid. In addition to spending time on the internet, Nigerians (Lagosians) also spend an incredible amount of time in traffic. They spend approximately 1,080 hours a year in traffic, compared to 148 hours spent in London. Given that power supply is not constant, an average Nigerian will spend 17% of the day on social media. If this time is used unproductively or for dysfunctional activities, Nigeria will lose an average of N30 trillion per annum (2% of GDP).
Reopening of Land borders will Improve Trade
Finally, the Federal Government approved the reopening of four land borders points including Idiroko, Jibia, Kamba and Ikom respectively. This is expected to boost intra-regional trade within Africa. Wholesale and retail trade constitutes over 25.4% of GDP in Nigeria. There is a fine distinction between trading and smuggling but in the light of the Africa Continental Free Trade Area (AfCFTA) agreement we expect open borders to act as a facilitator rather than an inhibitor of trade. Therefore this is likely to be a boom for traders and artisans in Nigeria, which employs no less than 80m people
Unity Bank Plc Releases Spectacular results for 2021
Unity Bank Plc is delighted to report a 52.09% increase in Profit after tax for the year ended December 31, 2021. This is a period when the economy was plagued by a recession and post covid restrictions. This spectacular performance was driven by a significant reduction in the company’s net trading loss, which fell by 65.71% to N1.31bn in 2021. The performance of the bank in the year suggests a positive outlook for 2022.
This edition of the Unity Bank Digest, as usual, provides you with intriguing recent economic news and interesting social stories.
Please enjoy your read!