You may need to rework your business plan
According to the Economist Pocket World in Figures 2020, Nigeria has the highest number (39.9%) of owner-managers and nascent entrepreneurs in the world. However, due to the Lekki massacre that led to the looting of several stores in the country, it is a fact that most entrepreneurs are skeptical about having a physical store.
However, even with an online store, access to adequate finance could be a problem especially if one doesn’t have a stellar business plan. Unfortunately, a business plan drawn pre-COVID is not reflective of current realities. So now is the time to pull the bootstraps and re-strategize to navigate these murky times.
The Lifestyle section of the Unity Bank digest is loaded with tips on writing a business plan appropriate for the current situation. As the saying goes “it is during a war that soldiers are born”.
N13.08trn budget estimate for 2021 may be revised to reflect current realities
The Federal Executive Council (FEC) has approved a proposed N13.08 trillion ($34.3 billion) budget for the 2021 fiscal year, which will be sent to NASS for consideration. The proposed budget, which is 21.11% above the 2020 budget (N10.8trn), is predicated on oil prices at $40pb. The spot price of Brent has fallen by over 5% to $37pb. This has led to a negative headroom of $3. This means that the budget may likely be revised. Also, given that oil prices are highly volatile, a supplementary budget may be necessary if the decline in oil prices persist.
This edition of the Unity Bank Digest contains the usual mix of business and entertainment news. Be on the lookout for news on the appointment of Okonjo Iweala as the new DG of WTO, the slew of new iPhones, Amazon’s blockbuster q3 results, approval of the first COVID-19 vaccine, Fitch’s revision of Nigeria’s outlook and the acquisition of the Nigerian tech firm Paystack.
Enjoy your read!