Dear Subscriber,

 A New Era of Aviation Excellence

The Federal Executive Council (FEC) has sanctioned ₦987 billion for a sweeping overhaul of Nigeria’s airport infrastructure, signalling a bold stride towards modernization. Highlighting this initiative is the transformative rehabilitation of Lagos’ International Terminal One, reconstructed to global standards with cutting-edge systems. Expansion of Terminal Two, alongside upgraded aprons, access roads, and bridges, complements this vision. Runway and taxiway rehabilitations, paired with enhanced Category 2 airfield lighting at Kano and Port Harcourt airports, boost operational safety. Security is strengthened through advanced perimeter fencing, CCTV, and solar floodlights at Lagos, collectively promising a safer, more efficient, and passenger-centric aviation future.

Relief at Last! Economic Renewal and Growth

Nigeria’s Gross Domestic Product (GDP) for 2024, rebased to 2019 prices, stands at ₦372.8 trillion, marking a 41.7% increase over previous estimates anchored to the 2010 base year. This recalibration redefines Nigeria’s economic landscape, underscoring an expanded and more nuanced measurement that captures newer sectors and informal activities previously underrepresented.

The shift paints a portrait of an evolving economy where services now command 53.09% of GDP, agriculture’s share rises to 25.83%, while industry’s contribution contracts to 21.08%. Real GDP growth, despite a pandemic-induced contraction of -6.96% in 2020, has rebounded steadily, with a projected 3.38% expansion in 2024. The services sector leads recent growth at 4.43%, followed by industry and agriculture, offering a refined lens for policymakers and investors alike that reflects Nigeria’s changing economic structure and potential pathways for sustainable growth and development.

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!