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Nigerian cocoa farmers have a reason to smile

In the first quarter of 2024, cocoa earnings spiked by 279% year-over-year to N408.66 billion. This revenue increase will further ease household budget burdens as cocoa production is a crucial income source for over 1.4 million Nigerians. Furthermore, the higher revenue from this thriving sector is expected to create a ripple effect on consumer spending and economic growth.

Not there yet

After 16 consecutive months of acceleration, Nigeria’s inflation rate is expected to uptick further in May 2024 defying the CBN’s tight monetary policy stance. The CBN had raised the police rate by a cumulative of 7.5% to 26.25%p.a in the past four months in a bid to tame inflation. However, to contain the unintended consequences of an aggressive interest rate hike, the federal government is expected to roll out a fiscal stimulus package. A fiscal stabilization program is a veritable tool for moderating inflationary pressure, easing the cost-of-living crisis, and stimulating economic activity. These initiatives offer a flicker of hope, especially to Nigerian consumers and small businesses.

Dancing to your tune

In the dynamic world that we live in, where change is the only constant, the need to have a constant guiding factor cannot be overemphasized. These guiding principles often manifest themselves as ambitious professional goals or a holistic set of values that shape our life’s trajectory. The key lies in identifying what drives you. As the renowned American philosopher Ralph Waldo Emerson eloquently stated, “To thine own self be true.” Discovering what ignites your passion for life is the first step toward making choices that align with your core values. That is why, in the lifestyle section of this Unity Bank Digest, we explore ways to help you uncover your personal motto, a principle that resonates with your authentic self.

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.

Please enjoy your read!