Dear Subscriber,

Bend, don’t break

The minimum wage discussions in the country are stalemated but could quickly draw to a close with greater engagement between the labour union and the government. Most indicators point to a possible upward review of the nominal minimum wage. This adjustment aims to alleviate cost pressures on consumers. However, the risk of layoffs by employers remains, as businesses strive to meet the expected higher wage levels. Despite the outcome, it remains crucial for every individual to learn to efficiently manage their finances to keep up with rising expenditures. This prudence will help households navigate and cope even during a cost-of-living crisis. As Doug Larson, a popular columnist and editor, eloquently said, “What some people mistake for the high cost of living is really the cost of living high.” In the lifestyle edition of this Unity Bank Digest, we provide 10 practical money-saving tips and insights to help you navigate these turbulent times with resilience and optimism.

Red is the new gold 

Consumers are once again battling elevated food prices across the country, with a basket of tomatoes selling for as high as N140,000 and that of pepper for N95,000. The recent surge in these commodity prices is exacerbated by their scarcity, making it increasingly difficult for many Nigerians to purchase these now “golden” goods. The primary cause of the supply shortfall is Tuta absoluta, a highly destructive pest affecting tomato crops. Additionally, during the wet season (April to October), approximately 60% of the harvested tomatoes are lost to rot. As the prices of tomatoes and peppers increase, consumers are expected to bear the brunt of the cost.

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 your read!