THE UNITY BANK DIGEST – JANUARY 13, 2022

Dear Subscriber,

Happy news for itchy Twitter fingers

June 4th 2021 was a dark day for many Nigerians, as they watched in horror, what they believed to be the unthinkable. The Nigerian government banned Twitter!!! The platform has evolved from being just another social network or a place to air grievances publicly, and has turned into a way of life and means of livelihood for countless individuals. Hence why many were left distraught and confused after the ban was instituted (those without a VPN that is). The decision to finally lift the ban comes after 222 days, an ECOWAS judicial panel hearing, and an estimated N546.5bn in losses to the Nigerian economy. Small businesses, which leveraged the platform for visibility and customer attraction are believed to be the biggest losers from this ordeal. Additionally, the country has suffered reputational damage internationally, for what is being perceived as a clamp down on freedom of speech.

New Year, New taxes

Bad news for the online shopping and sugar addicts. The Nigerian government has imposed a 6% tax on turnover for non-resident e-commerce businesses. As a result, Nigerians who make purchases from non-resident e-commerce platforms such as Amazon, e-bay and Alibaba will have to pay VAT on the items they purchase. The government has also decided to introduce a N10/liter excise duty (sin tax) on all carbonated, non-alcoholic and sweetened beverages. The government expects these new taxes to boost revenue and cover health-related, as well as other critical expenditure.

Five Realistic New Year Resolutions for Small Business Owners

For many small businesses, the New Year is a time to strengthen and scale up their business. Unfortunately, reality has a way of throwing plans out the window by bringing up a host of unexpected challenges and obstacles. Fret not!!! There are certain realistic resolutions that small businesses can strive to achieve in order to elevate their businesses to that next level.

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!