THE UNITY BANK DIGEST – JUNE 16, 2021

Dear Subscriber,

Networking is essential for your growing career!

It used to be adventurous or completely out of place to start fresh conversations and pitch your resume or ideas to total strangers. But today, in a world of LinkedIn and Clubhouse, it is not only a skill but an asset to your career path. In times past, the most successful entrepreneurs/business moguls did this one time too many to attain success in their business. Networking might be a Debbie downer if you are not a people person, but it is super necessary if you want to make more money. Remember, the popular saying “your network is your net worth”.

The lifestyle section of this digest highlights ten simple reasons why you should come out of your shell to network.

Inflation down again 17.93%, Naira recovers mildly (N502/$) at the parallel market

Contrary to expectations and anecdotal evidence, Nigeria’s inflation inched downwards to 17.93% from 18.12% in April. Most analysts were confounded as this happened at a time when global food prices are at a decade high (127.1 points in May). In the same report, it was stated that monthly and core inflation crept upwards to 1.01% (annualized: 12.82%) and 13.15% respectively, suggesting that inflation is yet to reach an inflection point. However, it is important to note that June inflation is likely to buck the declining trend as it was only on May 24 that the currency adjustment took place. It would also reflect the ravaging impact of the planting season and insecurity. It is also noteworthy that the naira appreciated marginally by 0.59% to N502/$ from a record low of N505/$. However, at its current level, imported inflation would maintain the upward trend.

In the end, the consumer will bear the brunt of high commodity prices and soaring inflation. The World Bank in its just released Nigeria Development report stated that rising prices pushed 7mn Nigerians into abject poverty. Therefore, we expect disposable income to remain squeezed as inflationary pressures persist. In response, consumers will adjust to the income and substitution effect as they fall to a lower indifference curve. According to the NBS, about 58% of Nigerians reduced their food consumption in May.

As usual, this edition of the Unity Bank digest provides you with interesting economic stories and entertainment news.

Enjoy your read!