Dear Subscriber,

Take Control of Your Finances and Unlock a Future of Freedom!

It is often said that peace of mind begins with financial stability, and for good reason. Yet, for many small business owners juggling countless responsibilities, money management can feel like an overwhelming burden, a tedious task shadowed by sacrifice. Budgeting, in particular, is frequently misunderstood as a rigid exercise in deprivation, a practice synonymous with saying “no” to life’s little joys.

But in truth, budgeting is not about restriction, it is about empowerment. It is the compass that offers clarity amid chaos, the roadmap that turns uncertainty into intention. With a well-crafted budget, you don’t shrink your life—you expand your possibilities. It is a tool that gives you control over your financial narrative and the confidence to make bold, informed choices. In this edition of Unity Bank Digest’s Lifestyle section, we invite you to reimagine budgeting. We’ve gathered practical insights to debunk the myths and illuminate how this often-overlooked habit can become the cornerstone of your financial well-being. As the renowned management thinker Peter Drucker once said, “The best way to predict the future is to create it.” And with budgeting, you hold the pen.

Easing Inflation, Falling Demand – The Struggle of Small Businesses in Nigeria

Nigeria’s headline inflation rate declined by 0.52% to 23.71% in April 2025, despite a 3.5% depreciation of the naira against the US dollar during the month. The slowdown was largely driven by a decline in energy costs, lower costs in restaurants, accommodation, and logistics services, according to NBS.

While official data shows a modest decline in headline inflation, the real-life experience of most Nigerians tells a different story. Beneath the surface of this statistical relief lies the harsh market reality, prices may have dipped marginally, but not due to an easing of economic hardship. Rather, the decline reflects a silent shift in consumer behaviour, driven by mounting income constraints. This has resulted in reduced spending, not as a response to falling prices, but a reflection of their inability to maintain their consumption levels. Small businesses are unable to pass on cost increases to consumers. However, as the economy improves later in the year, they may be able to absorb some of these costs whilst passing on a portion to the market.

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!