Dear Subscriber,

Turning the corner

The Dangote refinery is actively pushing towards price transparency and efficiency in Nigeria while ensuring it meets its full production capacity by the end of Q1’25. The 650,000-barrel-per-day refinery, currently running on 85% of its capacity, recently cut its ex-depot price to ₦890/liter, in line with the 9.26% decline in global crude oil prices between January ($82.03pb) & February ($74.43pb). In tandem, the retail pump price of PMS has declined by 4.64% from ₦970/liter to ₦925/liter across filling stations in Lagos. After months of rising costs, consumers and small businesses are finally seeing some relief as prices of key goods and services begin to ease. Prices of commodities like tomatoes have also dropped by 12.5% to ₦35,000/basket in February from ₦40,000/basket in January. This is a welcome change from the sky-high price of ₦150,000/basket seen in 2024.

Switching gears: comfort to convenience 

The reduction of the fuel subsidy in June 2023 reshaped Nigeria’s transportation landscape, forcing many commuters to rethink their daily travel choices. For wholesalers and retailers, the impact goes beyond personal transportation—it affects their businesses. The cost of moving goods from farms and warehouses to markets has doubled, eating into their profits and forcing many to raise prices. More Nigerians are turning to BRTs and shared rides—not just because it is easier on the pocket but also for the convenience it offers in a time of volatile fuel prices. Beyond affordability, public transport has a bigger impact on daily life and the economy than we often realize.

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!