There is hope that the covid virus will be contained in 2021. Thanks to a proliferation of vaccines from AstraZeneca to Pfizer and Johnson & Johnson. The great news is that Ghana is the first African country to receive 600,000 doses from the covax facility. It is therefore possible that barring unforeseen circumstances that Nigeria and you in particular may soon be vaccinated. This may mean a very quick return to normalcy in your personal interaction and lifestyle. The recovery in personal lives and livelihoods will be similar to the miraculous recovery of the Nigerian economy from the recession malaise. Nigeria, like most countries, is now expecting a V- shaped growth recovery with estimates of 1.5%-2% growth in 2021.
FG to concession 12 Highways and reintroduce tolls nationwide
As part of the new thinking on public, private partnerships as a means of mobilizing investments and catalysing growth, the Federal Ministry of Works and Housing is aggressively considering the concessioning of intercity highways with tolls to defray the maintenance costs. Whilst there are risks of initial resentment from a weary public, the scheme is likely to succeed as long as the roads are properly maintained.
Cryptocurrency- the more the volatility, the more the controversy
Ever since Elon Musk took a $1.5bn bite of bitcoin, the price of bitcoin had rallied almost touching $60,000 in trading. Its volatility has been almost unparalleled. Nigerians have jumped in with both feet in spite of regulatory warnings and prohibition. The frenzy of Nigerians who have made a quick fortune is fuelled by the attraction of cryptocurrencies as a medium of exchange that bypasses exchange control regulations but also as a store of value during a period of high inflation. So whilst the market catches fire, we advise participants to sleep with one eye open.
In this edition of the Unity Bank Digest, you will find enough to keep you relaxed this weekend.
Enjoy your read!