Soaring prices is clouding the festive season
Ramadan fasting is barely eight days from now. Typically, the prices of certain commodities especially fruits, beverages, rice, tomatoes and pepper always rise at this time. Also Good Friday is on April 15 i.e. three weeks away. Most traders are looking up to April as a month of salvation after a brutal February and March. However, 2022 is no ordinary year, the price of diesel is up 167.86% to N700/litre, the Naira is languishing and people are stretched. The flicker of hope at the end of a dark tunnel is that the price of oil is above $120pb and that is good for Nigeria. For Unity bank customers, our various agricultural initiatives are beginning to bear fruits and there are happy days ahead for our farmers and traders.
Nigeria attracts lowest FDI inflows on record
Nigeria like most of the Sub-Saharan African countries depend on FDIs to augment its savings-investment gap and stimulate economic growth. Nigeria received its lowest record of FDI inflows in 2021 ($698.8mn), 32.14% lower than $1.03bn in 2020. The major factor that contributed to this decline was the lingering impact of the pandemic. In the face of high insecurity, double-digit inflation, and policy inconsistency and uncertainty, the country may continue to remain unattractive to investors. Weaker FDI inflows will widen Nigeria’s infrastructure deficit and impair growth.
Productivity tips for your new hybrid work life
There is no doubt that the pandemic caused a major disruption in the previous work arrangement. People had no choice but to work virtually in order to reduce the risk of infection. However, as we settle in the post-covid era, offices now adopt a hybrid working arrangement. This new working arrangement has many perks, but also has its challenges. We are offering tips on how to seamlessly adjust to this new working style.
This edition of the Unity Bank Digest, as usual, provides you with intriguing recent economic news and interesting social stories.
Enjoy your read!