Dear Subscriber,

Don’t let Covid-19 ruin your travel plans

Just as a few countries are finally lifting their lockdowns (courtesy of the vaccines), we believe it is time to start thinking about a post Covid Nigeria. The pandemic has devastated our economy, businesses and in particular our social lives. In this edition of the unity bank digest, we are focusing on your next vacation, getaway and finally a breather after all the claustrophobia associated with facemasks. So, set yourself loose of the Covid grip mentally, emotionally and plan to take a trip with your loved ones once the pandemic wind blows over.

The lifestyle section of this digest covers Forbes list of the top epic and unique destinations.

Nigeria records positive growth in Q4’20 (0.11%)

Nigeria, Africa’s largest economy surprisingly exited the recession in Q4’20 (0.11%) after two consecutive quarters of contraction – Q2’20 (-6.1%) and Q3’20 (-3.62%). This brings full year growth to -1.92%, stronger than the IMF’s forecast of -3.2%. The positive growth was largely due to an improvement in the general level of economic activities. Whilst the news of positive growth is a welcome development, it is however the slowest pace of growth recorded by the country since 2014. The NBS is planning another GDP rebasing (to 2018/2019), 7 years after the last exercise. Typically, GDP rebasing is carried out at 5-year intervals. We expect the nominal size of the economy to increase. However, in dollar terms the value of the GDP will decline because of the devaluation of the Naira.

The good news is that, with the current rally in oil prices ($66pb), Nigeria, could grow at a faster pace in 2021. However, the slow roll out of Covid-19 vaccines could threaten the recovery process.

This edition of the Unity Bank Digest offers you a cocktail of the latest news in business, economics and entertainment.

Enjoy your read!