Dear Subscriber,

Welcome to 2023, but first, reflect on 2022!

2022 has come to a screeching halt and 2023 is here and running. But just before we go on a roll with the New Year, it will be good to reflect on the last 12 months and the numerous events that took place, with their attendant impact on your standard of living. The year 2022 was a rollercoaster ride, with so many twists and turns. However, at a personal level, we believe that if you dig deep enough, there are life lessons learned and or at the very least some lifestyle changes that are imperative for 2023. So, while we hope 2023 brings with it positive outcomes, it is important to sit back and carry our sober reflection on this eventful year just past. In the lifestyle section of this digest, we show you why a year-end introspection is important and also how to go about it.

Rising costs will maintain the unending streak in 2023

It might be too early to cast the rod on 2023. However, what we are certain about is that the effects of the many disruptive macroeconomic conditions that started in 2022 will bear fruits in 2023. And one of the fruits is rising food and energy prices. The Russia-Ukraine war is not over and the structural bottlenecks like insecurity and oil theft (impeding oil production levels) that fuel Nigeria’s inflation are still unaddressed. The EIU and the IMF project that Nigeria’s inflation will be as high as 16.3% and 17.3% respectively in 2023. All these coupled with an increase in election spending and heightened political tensions imply sustained inflationary pressures and continuous depletion in the standard of living of many Nigerians, leading to increased poverty and unemployment levels.

In this edition of the Unity Bank Digest, we provide you with insightful economic stories and entertaining lifestyle pieces to kick off the New Year.

Please enjoy your read!