For many professionals, a trip down memory lane would be incomplete without the short stop at the times when they were confronted with the uncertainty of life after graduation. With their whole lives ahead of them, hopes, dreams and aspirations of landing posh jobs in their chosen fields of endeavour were rife. However, many ultimately ended up in professions that were worlds away from their initial aspirations. The reason for this cuts across individuals and locations. Nonetheless, a recurring theme is that very few of them had a well articulated and written plan. Remember the words of Benjamin Franklin who said “those who fail to plan plan to fail”.
The lifestyle section of this digest provides simple and unique tips on how to plan for your future and monitor your goals effectively if you actually want to achieve them.
Nigeria’s headline inflation to cross the 18.17% threshold
The NBS is expected to release its April inflation data on May 17, FDC is projecting a major spike to 18.77% from 18.17% in March. This will put Nigeria amongst the top percentile of African countries with the highest level of inflation. A state by state breakdown shows that northern states such as Kogi (24.51%), Bauchi (22.24%) and Sokoto (20.7%) have the highest inflation rates. The jury is out as to whether insecurity leads to inflation as output contracts or inflation leads to insurgency.
FGN rules out Electricity tariff hike in July
The FGN has ruled out the possibility of another major hike in electricity tariff. Prior to this, the Nigerian Electricity Regulatory Commission, NERC had earlier stated that it will commence a minor tariff review process for the 11 Electricity Distribution companies which may lead to an increase in tariffs across the country. The review process, expected in July, would capture changes in inflation, oil prices and the exchange rate on the performance of the Discos. The prospect of a hike in electricity tariffs would further fuel inflation while squeezing disposable income further.
CBN approves 10 additional IMTOs to boost Diaspora Remittances
The Central Bank of Nigeria, has announced the approval of 10 additional international money transfer operators (IMTOs), bringing the total number of IMTOs operating in Nigeria to 57. The additional IMTOs by the apex bank would improve forex availability and reduce currency pressures in the country. On the other hand, the PMI reading for the manufacturing sector in April has risen by 3.11% to 53 basis points (pts) due to a recovery in consumer demand. Hence, we expect the increase in forex availability to enlarge profitability margins for firms and amplify further expansions in the manufacturing sector.
As usual, this edition of the Unity bank digest provides you with interesting economic highlights and entertainment news.
Enjoy your read!