Dear Subscriber,

Quality comes at a price

In a decisive step to bolster Nigeria’s telecommunications sector, the Nigerian Communications Commission (NCC) has approved a 50% increase in telecom tariffs, effective January 20, 2025. While this may feel like an extra burden on already tight budgets, it aims to address the growing need for better call quality, fewer dropped calls, and faster internet.

Assuming that the average Nigerian spends about ₦20,000 per month on data costs. The recent hike in tariffs is expected to bump up this data budget to around ₦30,000 monthly. This raises an important question: Will this additional ₦10,000 stretch household budgets to a breaking point or simply require some adjustments? For many traders and small businesses that rely on their devices to take orders, the improved telecom service could result in higher sales, which will offset the additional data costs. Moreover, the everyday importance of telecom services for the 157.6 million Nigerians who depend on them daily cannot be overstated.

When the going gets tough, the tough get going

As the economy continues to tighten its grip, it is no surprise that wallets are growing lighter by the day. For many consumers, “increase” has become the word of the month, as prices for nearly every commodity seem to be racing to new heights. Petrol prices, for instance, have surged yet again, reaching as high as ₦1,150/liter in some parts of the country, driven by the rise in global oil prices. This delivers an even heavier blow to already strained disposable incomes. But don’t worry—this edition of the Unity Bank Digest is here to help. From higher transportation costs to surging energy expenses, the petrol price hike has dramatically inflated operating costs for SMEs, forcing them to grapple with thinner profit margins. Notably, this surge in petrol prices is also expected to boost demand for compressed natural gas (CNG) transport, as consumers turn to more cost-effective alternatives—a shift that aligns with the government’s goal of accelerating the transition to CNG. In the lifestyle section, we share practical tips and creative strategies to help you boost your income and navigate the rising tide of costs.

This edition of the Unity Bank Digest provides a comprehensive analysis of these economic trends and engaging lifestyle and entertainment stories for your reading pleasure.

Enjoy your read!