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Saving up for Christmas

Christmas in Lagos means two things, traffic and inflation. With Christmas fast approaching, expenses are already rushing in. A 50kg bag of rice is now 100% higher than in July and not over yet. So, get ready for what’s next.

The first step to avoid overspending is for everyone to ‘go Dutch’. The idea behind this tip is that an expense shared is often an expense halved. As Nigerians, this might be a difficult concept to embrace, but your wallet will thank you for it. The Lifestyle Section of this Digest contains other tips on how to spend wisely in the weeks leading up to Christmas.

GDP bottoms out, grew by 2.28% in Q3

The Nigerian economy seems to have bottomed out as the recently released GDP growth data showed an expansion by 2.28% in Q3. The uptick in the country’s growth was propelled by the oil sector, which grew by 6.5% whilst the non-oil sector grew by a mere 1.9% in Q3. Even though growth was positive, inflation has increased due to factors that include border closure and year-end festivities. Government workers are going to have a double celebration, the minimum wage adjustment and the arrears. This will make for a bumper and memorable Christmas.

In this edition of the Unity bank digest, you will find a plethora of economic and social news such as the growth figures, MPC meeting, capital importation figures, and an update on award shows and sports.

It promises to be a great read.