2017 will be a year of extremities. For example, the monthly payment of the N5,000 stipend to unemployed Nigerians is an indication of a social safety net for the abject poor. Yet, in dollar terms, it is approximately $10, a far cry from a living wage. The need for a review of the minimum wage has never been more imperative than now.
Meanwhile, at the top of the pyramid, Nigerian destination shoppers in the U.K are spending an average of £1,626 (approx N1m) per trip. Lagos big girls are now cutting back on their globetrotting, reducing international trips from four to two per year.
This issue of the Unity Bank Digest features a piece on how the world’s HNIs spend their “Benjamins”. We also examine other developments such as the future of Nigeria’s oil production, WhatsApp’s pending update and which foods have recently been linked to cancer.