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The hidden cost of the hustle

In recent years, many Nigerians have embraced entrepreneurship, turning challenges into opportunity. Small businesses form a crucial part of the economy, powered by resilience and innovation. Yet, behind this hustle lies mounting pressure.

Entrepreneurs juggle multiple roles, invest personal savings, and work long hours—often with limited returns as inflation eats into profits. The uncertainty of the market only adds to the stress.

In this edition of Unity Bank Digest, our lifestyle section offers practical tips on managing stress, improving work-life balance, and building long-term sustainability for small business owners navigating Nigeria’s demanding economic landscape.

The disconnection in Nigeria’s oil economy

Despite its vast oil wealth, Nigeria struggles to translate natural resources into broad-based prosperity. In 2024, it earned $58.98 billion from oil exports, yet this amounted to just $212.38 per capita, far below Saudi Arabia’s $4,480.93 per capita from $158.18 billion in oil revenue, according to the EIU.

This highlights the gap between natural wealth economies, reliant on resource extraction, and produced wealth economies, driven by industry, innovation, and services. While Saudi Arabia has begun diversifying, Nigeria remains heavily resource-dependent, with rapid population growth.

Moreover, MSMEs in Nigeria are highly exchange rate dependent. Currency depreciation directly raises their input costs and squeezes profit margins.

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!