Dear Subscriber,

War, oil & sanctions

Russia finally invaded Ukraine and a war began!!! Most western powers have instituted possibly the biggest set of sanctions ever for the Eastern European nation, with even more sanctions still in the works. The threat of these sanctions has sent global markets into a frenzy, the oil market included. Brent is now trading above $100pb. This should ordinarily mean increased revenue for the Nigerian government but sub optimal oil production continues to stifle potential gains. The elevated price of oil also means increased fuel subsidy burden for the FG and borrowing. Nigeria’s total debt stock already stands at a whopping $92.63bn (February 2022).

Domestic airfares soar to record highs

Domestic airlines have jacked up airfares by as much as 100%. The cost of a one-way ticket from Lagos to Abuja, which was approximately N22,000 in 2021, is now going for N50,000. The carriers have blamed the exorbitant price of jet fuel, resulting from the spike in global oil price. Insecurity remains a challenge especially kidnapping and ransom. Therefore, it makes economic sense to pay a premium for an air ticket than pay a ransom. In the near term we expect the demand for air transportation to remain stubbornly high.

Therapist approved tricks to staying stress free

Going through major life changes such as moving into a new home, starting a new job, landing that promotion, getting married, or whatever else are usually very exciting moments. However, experiencing these changes can also feel very overwhelming and scary. Therefore, we’re offering some tips on how to deal with big life changes with more joy, ease, and a minimal toll on your mental health.

This edition of the Unity Bank Digest, as usual, provides you with an intriguing lifestyle piece, recent economic news and interesting social stories.

Enjoy your read!