The federal government has imposed additional levies on imported automobiles, alcoholic drinks, and single-use plastics. It has also added to the list of products that are not permitted to be imported into the nation.
Imported vehicles with engines ranging from 2000cc (2 litres) to 3999cc (3.9 litres) will be subject to an additional charge known as Import Adjustment Tax (IAT) of 2% of the vehicle’s value, while vehicles with engines ranging from 4000cc (4 litres) and above will be subject to IAT of 4% of the vehicle’s value.
The additional fee is in addition to the 35% import tariff and 35% levy paid by automobile importers. Vehicles with less than 2000cc, mass transit buses, electric automobiles, and locally built vehicles are exempt from the IAT levy. The Federal Government would also levy N75 per litre of imported beer, stout, and wine in 2023, and N100 per litre in 2024.
Prior to the current tax scheme, the government taxed imported alcoholic drinks ad valorem, or in proportion to the anticipated worth of the items or transaction in question.
The government has also updated the list of prohibited imports to include used motor vehicles older than 12 years from the year of production, paracetamol pills and syrups, cotrimozazole tablets and syrups, metronidazole tablets and syrups, and chloroquine tablets and syrups.
Folic acid pills, vitamin B complex tablets (excluding modified release formulations), multivitamin tablets, capsules, and syrups (unless special formulations), and aspirin tablets (except modified release formulations and soluble aspirin).
Others are magnesium trisilicate tablets and suspensions, piperazine tablets and syrups, levamisole tablets and syrups, ointments penicillin/gentamycin, pyrantel pamoate tablets and syrups, intravenous fluids (dextrose, normal saline etc), waste pharmaceutiques and mineral or chemical fertilisers containing the three fertilising elements – nitrogen, phosphorus and potassium.
It also introduced a green tax by way of excise duty on single use plastics including plastic containers, films and bags at the rate of 10 percent.
According to a circular issued by the Federal Ministry of Finance, Budget and National Planning and addressed to all Ministries, Departments and Agencies on April 20, 2023, the new tax regime comes into effect on June 1, 2023.
Abike Dabiri-Erewa, the chairperson of the Nigerians in Diaspora Commission (NIDCOM) said that the agency did not block any Nigerian from being evacuated from Sudan.
On Monday, a video clip emerged online in which one of the Nigerians trapped in Sudan said that some of them were left behind while others were evacuated.
They sorted Nigerians in Sudan by state of origin & the busses carrying Igbos didn't leave. Even when an Igbo man volunteered his airlines to lift all Nigerians . What have Igbo people done to Nigerian govt? Why should the sorting be based on state of origin instead of residence. pic.twitter.com/EvQEsATVSF
“They have come here and picked up those they picked up, leaving the rest of us who are Igbos,” a person who spoke in Igbo language claimed.
Abdur-Rahman Balogun, Dabiri-Erewa’s communications aide, characterized the development as “a fabricated lie from the pit of hell” in a statement released on Tuesday.
PRESS STATEMENT
Re: South East Coalition accusation of ethnic bias on boarding of citizens stranded in Sudan: a wicked lie
Abuja: Tuesday, May 2, 2023.
It has come to the attention of the Nigerians in Diaspora Commission (NIDCOM) of a fabricated lie from the pit of hell that…
— Nigerians in Diaspora Commission (@nidcom_gov) May 2, 2023
He blamed the “divisive and ridiculous fabrication” on a youth organisation called South East Youth Leaders (COSEYL), noting that the commission was focused on and working with other agencies to ensure the safe repatriation of the stranded Nigerians.
Balogun stated that all individuals who congregated at the designated areas were picked up and transported in 40 buses either to Port Sudan or to the Egyptian border.
“Reports from the ministry of foreign affairs staff on the ground in Khartoum indicated that when the boarding of buses began, the situation was so chaotic that some people (including non-Nigerians) jumped in violently, some with daggers, through the windows,” he said.
“To bring sanity and to abide by the instruction of the minister of foreign affairs that priority should be given to women, children and students, the officials started calling them in according to states in alphabetical order, beginning with Abia state.
“Reports from Sudan indicate that all who converged at the prescribed locations were to be picked up, and have all been moved in 40 buses either towards Port Sudan or towards Egyptian borders. However, if some arrived after the stipulated time or did not show up at the point of pick up, they can’t blame it on anyone.
“NIDCOM is focused, working with other relevant agencies, on the safe return of stranded Nigerians and will not be distracted by nonsensical, illogical, irresponsible, rascal and unfounded comments meant to distract from the success, safe and secure return of Nigerians from Khartoum, Sudan.”
Global innovative technology brand TECNO just unveiled its latest breakthrough on material innovation in smartphone design – the “Magic Skin” in Africa, making it the first to bring this innovative materials to African consumers.
It is a brand-new material technology which promises to create phone backs that are skin-friendly, stylish, and easy-to-clean. This new material will be integrated into the body of TECNO’s phones and applied to CAMON, SPARK and POP series, ensuring African consumers stay abreast of the global trends on smartphone design innovations.
Stylish Design with Skin-friendly Touch
Magic Skin boasts a sleek and stylish design that features a delicate texture, a softer touch, and a better color effect. The vivid colors and vibrant patterns of the phone back cover make it super chic. TECNO has meticulously tailored Magic Skin to suit the distinctive positioning of each product line, giving each product its own unique style.
The design is the outcome of extensive user research. TECNO designers carried out multiple rounds of surveys among thousands of African consumers to obtain insights into their aesthetic preferences and functional demands. The team then refined every aspect of the process, from perfecting the color implementation to scrutinizing the quality of the patterns.
Moreover, Magic Skin has been engineered to reduce the weight and thickness of the back cover while maintaining durability and practicality. This creates a more seamless integration with the phone, resulting in a comfortable grip.
The benefits of Magic Skin extend far beyond its aesthetic appeal. It is not only visually pleasing, but also easy to clean. To achieve optimal performance, a variety of materials were tested and evaluated. The final launch of Magic Skin is a unique blend of polymers and micro-particles that create a very dense molecular structure.
This dense molecular structure makes the material resistant to stains and spills, making it perfect for everyday use. Whether you spill coffee or wine on your phone case, Magic Skin can be effortlessly wiped clean, without leaving any residual marks or stains.
Furthermore, the advanced manufacturing process also ensures that Magic Skin can withstand extreme conditions. The material is not only waterproof, but also resistant to abrasion, and can maintain its stability in extreme temperatures ranging from -40°C to 70°C. In laboratory tests, Magic Skin has demonstrated its superiority in various aspects, such as resistance to denim fabric abrasion, prevention of lipstick and perfume stains, and protection against UV light exposure.
Don’t Stop Creating for Consumers
By introducing Magic Skin, TECNO once again demonstrates its unwavering commitment to delivering stylish and innovative designs that incorporate the latest technologies. This launch is just one of the many milestones on TECNO’s journey towards materials and design innovation, as it continues to push the boundaries and create new possibilities for the future.
Samsung Electronics has prohibited employees in its mobile and appliances divisions from utilizing generative AI services such as ChatGPT, the firm announced on Tuesday, following incidents of “misuse” of the technology.
Since the launch of Microsoft-backed ChatGPT in November, there has been a surge in interest in artificial intelligence chatbots.
ChatGPT created a global phenomenon by generating essays, songs, examinations, and even news pieces from quick suggestions. Critics have expressed concern about how ChatGPT and its competitors acquire and process data.
In recent months, major financial institutions such as Goldman Sachs have banned or restricted their employees’ use of ChatGPT-like platforms.
This move came after Samsung employees disclosed critical information three times. This occurred when a few Samsung workers were given access to sensitive data in ChatGPT. The provided data has apparently become a permanent part of the AI’s learning database.
Among the sensitive information entered into the generative AI tools is semiconductor equipment measurement data.
On Monday, Samsung informed staff in one of its largest divisions about the new policy. “Interest in generative AI platforms such as ChatGPT has been growing both internally and externally,” according to the notification.
“While this interest is focused on the utility and efficiency of these platforms, there are growing concerns about the security risks posed by generative AI.”
The document also states specifically that this change was made in response to increased concerns about the accidental exposure of internal source code to the AI. Because the information is now being fed into the AI’s database, it could appear in response to an inquiry made by any user in any part of the world. The new restriction prohibits the use of generative AI tools on Samsung-owned devices, such as PCs, tablets, and phones.
Notably, the email indicates that Samsung employees who fail to follow the security requirements may face disciplinary action, including termination.
There were signs of recovery in the Nigerian private sector in April as the cash crisis eased. Firms reported renewed expansions in new business and output amid improved access to funds. Companies remained cautious with regards to hiring, however, and employment fell slightly.
There were mixed trends in terms of prices at the start of the second quarter. Input costs increased at a sharper rate, but further efforts to attract customers led firms to increase their selling prices at the softest pace for three years.
The headline figure derived from the survey is the Purchasing Managers’ Index™ (PMI®). Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show a deterioration.
The headline PMI moved back above the 50.0 no-change mark for the first time in three months during April. At 53.8, the index was up from 42.3 in March and pointed to a solid overall improvement in business conditions in the private sector.
According to respondents to the latest survey, the recovery in operating conditions reflected an easing of the cash crisis which has severely affected the economy in recent months. Panellists reported a more normal business environment as customer numbers improved in line with greater access to cash.
As a result, both output and new business expanded sharply in April, ending two-month sequences of decline in each case. Rebounds in activity were seen across each of the agriculture, manufacturing, services and wholesale & retail sectors.
Business sentiment remained subdued in April, despite a slight pick-up from March. In fact, optimism was among the lowest seen since the survey began in January 2014.
The relatively subdued outlook meant that companies remained cautious with regards to hiring, and reduced employment marginally for the third month in a row. Meanwhile, backlogs of work fell slightly.
Companies did increase their purchasing activity, however, in response to higher new orders, with inventories also expanding. Efforts to secure inputs were helped by an improvement in suppliers’ delivery times.
Rates of increase in both purchase prices and staff costs quickened over the month. Firms linked purchase price rises to higher raw material costs and currency weakness. Meanwhile, higher wages often reflected efforts to help staff with increased living costs.
In contrast to the picture for input costs, the rate of output price inflation moderated, easing for the fourth month running to a three-year low. Some firms reported having offered discounts to try and stimulate demand.
Kia Corporate Identity Guidelines wins in the Company Branding category of the Communication discipline
Kia Store Identity wins iF Design Award in Shop / Showroom Interiors category of Interior Architecture discipline
Awards signify the creativity and effectiveness of Kia’s new Corporate Identity and Showroom Identity global strategies
Enhanced customer engagement at all levels communicates Kia’s ‘Movement that Inspires’ ethos and further accelerates the brand’s rapid transition to a sustainable mobility solutions provider
Kia has been awarded two highly significant accolades at the iF Design Award 2023. The brand’s success in the prestigious iF Design ‘Company Branding’ and ‘Shop / Showroom Store Identity’ categories signifies the continued strength and effectiveness of Kia’s creative approach to customer engagement and its competitiveness in global design since the brand relaunch in 2021.
Kia’s ‘Movement that Inspires’ ethos and its ‘Opposites United’ design philosophy sit at the heart of every strand of the brand’s global corporate identity and showroom identity strategies. Combined with models such as the recently revealed EV9 all-electric flagship SUV, they play a pivotal role in accelerating Kia on its rapid transition from a car manufacturer to a sustainable mobility solutions provider.
‘Movement that Inspires’ represents Kia’s determination to create spaces for customers to find value in every moment to become inspired and find more time to bring their ideas to life. Kia’s ‘Opposites United’ design philosophy takes inspiration from the contrasts found in nature and humanity, utilizing the character of one element to bring out the character of another.
Contemporary Corporate identity
The Kia logo symbolizes Kia’s assured new brand direction and conveys ‘Movement that Inspires’ through three design concepts: Symmetry, Rhythm, and Rising. Kia’s confidence in suggesting new customer experiences through providing futuristic products and services is captured by the symmetry of the logo. Rhythm represents the brand’s promise to tirelessly progress to meet customers’ demands and aspirations and provide continuous inspiration. Finally, the bold rising nature of the logo illustrates the brand’s ambition to deliver new values that truly encapsulate the customer’s perspective.
Kia’s confident corporate color scheme features Midnight Black and Polar White. These two primary color schemes at either end of the color spectrum convey the values of Sustainability, Eco-Friendliness, and Smart Mobility. Projecting confidence through contrast, they depict the brand’s unflinching vision to pioneer and expand to new domains as a mobility service provider beyond physical mobility.
Strong Showroom Identity
Kia’s ‘Opposites United’ design philosophy inspires the confidence and vision required to combine elements that don’t traditionally go together. This ability to leverage creative contrasts to achieve a unique outcome is perfectly expressed in the groundbreaking global design of Kia’s showrooms, which feature visually opposing exhibition and customer zones.
The futuristic exhibition zone features pronounced corners and achromatic colors, along with steel surfaces that subtly reflect each model to enhance visibility and a sense of space. By contrast, the customer zone relies upon round edges, beautifully lit wooden walls, floors and ceilings, and premium fabric-covered furniture to create a unique snug, and soothing ambiance where customers can relax and view the cars, almost as works of art in a gallery.
Consistent Awards Success
The latest wins for Kia at the iF Design Awards 2023 maintain an exceptional winning streak for the brand and its products, further affirming Kia’s global competitiveness in design. The accolades include the Kia Niro Plug-in Hybrid’s recognition with a Red Dot Design Award, and the Kia EV6 GT being named ‘2023 World Performance Car’, following on from the EV6’s What Car? ‘Car of the Year 2022’ and ‘European Car of the Year’ titles.
iF: One of the most prestigious global design awards
This year, the iF Design Awards attracted 10,544 entries from 56 participating nations and highlighted an array of outstanding achievements in the field of design. A total of 133 design experts from 20 different countries gathered to judge the 3,572 projects that had made it to the shortlist after a digital preliminary round.
The iF design award honors and celebrates winners in nine disciplines, including Product, Communication, Packaging, Service Design, Architecture, Interior Architecture, User Experience (UX), User Interface (UI), and Professional Concepts, in 81 categories. All award-winning entries are presented on www.ifdesign.com and published in the iF Design App.
The iF Design Award was founded in 1954 by iF International Forum Design GmbH in Hanover, one of the world’s leading independent design institutions. iF Design Award Night 2023, the Awards ceremony, is scheduled to take place on May 15, at the Friedrichstadt-Palast, Berlin.
Since it first appeared on the inaugural list last year, AFEX has doubled in revenue and expanded operations into East Africa, having financed over 450,000 farmers and traded 526,850 metric tonnes of commodities in Nigeria, Kenya and Uganda. Last year, AFEX ranked third on the overall FT Africa list while emerging as the fastest-growing in Nigeria and first in Africa’s Agriculture & Commodities category.
The FT’s Africa Fastest Growing Companies list comprises innovative, modern and fast-growing companies that are the driving force of the international economy in the 21st century. The FT collaborates with Statista, a data research company, to produce similar rankings for companies in Europe, Asia, and America.
The inclusion of AFEX on this prestigious list is a testament to its success and exceptional performance. Like the ranking for other markets, the Africa list ranks African companies by their Compound Annual Growth Rate (CAGR) in revenue between 2018 and 2021. AFEX has grown by 25505.63% over the past 3 years, making it Africa’s fastest-growing company in 2023.
Currently operating over 200 warehouses in Nigeria, Kenya, and Uganda and serving over 450,000 farmers, AFEX plans to expand to 9 African countries within the next 10 years to create regional markets that balance demand and supply through intra-Africa trade. Markets considered for expansion include Benin, Togo, Ghana, Côte d’Ivoire, Tanzania, Ethiopia, and Zambia.
Through its strategic expansions, AFEX aims to address the low regional trade level, which currently stands at 14.4% compared to 59%, 69% and 30.4% in Asia, Europe and North America, respectively. By facilitating cross-border trade in Africa, AFEX looks to increase regional trade volume, improving capacity to meet the demand of Africa’s growing population.
AFEX will continue leveraging its model of deploying infrastructure alongside access to capital and markets for the commodities sector in Africa to help accelerate the continent’s food security.
Ayodeji Balogun, GroupCEO at AFEX, said, “We’re proud to enter FT Africa’s fastest-growing list for the second time and now ranking as the first fastest-growing in Africa. This is a testament to the hard work and perseverance of everyone at AFEX. We’re proud of the progress we’ve made so far and will continue to help farmers access markets directly.
“We also know that efficient warehousing is crucial for efficient food security, and technology will play a vital role in developing the agriculture industry in Africa. Our unique position enables us to contribute to Africa’s food security while promoting sustainable development for future generations. By 2025, we aim to impact 1 million food producers while driving 1 million MT in trade volumes. We’re incredibly proud to be building such a global business.”
The MD AFEX Fair Trade Limited Kenya, Tabitha Njuguna, said, “Being recognised as the fastest growing African company soon after our expansion into Kenya and Uganda is a fantastic boost as we continue to solidify our team and impact farmers in the East African market.
“AFEX Fair Trade Limited aims to impact 100,000 farmers in Kenya and 20,000 farmers in Uganda, whilst driving over 200,000 metric tonnes of commodities traded by 2025 to support East Africa’s food security and promote a fair exchange of value among players in the agricultural value chain.”
Since its launch in 2014, AFEX has been committed to levelling-up Africa’s agro-tech sector. Operating in three countries, AFEX addresses the challenges faced by African farmers, providing better access to inputs, credit facilities, micro-insurance, storage services, training, and markets. AFEX also partners with different key players across the agricultural value chain, including processors, logistics service providers, financial institutions, and regulatory authorities, to make its goal of supporting Africa’s food security possible.
A mental exercise called meditation includes teaching the mind to concentrate and to reach a condition of peace and relaxation. It is a method that has been used for ages by many different civilizations and faiths all across the world.
In order to meditate, one usually sits still, closes their eyes, and concentrates on their breath, an object, or a sound. The aim is to calm the mind and lessen distracting ideas and emotions in order to achieve inner calmness, clarity, and tranquility. There are several varieties of meditation, such as loving-kindness meditation, mantra meditation, Transcendental Meditation, and mindfulness meditation. Each strategy has its own distinct methods and advantages.
According to research, regular meditation practice can have a variety of positive effects on one’s health, including a reduction in stress and anxiety, an improvement in focus and concentration, a better understanding of oneself, and a general feeling of well-being. It is frequently used in conjunction with other therapies to address a variety of medical disorders.
For its many advantages to physical, mental, and emotional health, meditation has been practiced for thousands of years. Here are ten unexpected advantages of meditation that you might not be aware of:
Lowers Blood Pressure: Regular meditation has been shown to lower blood pressure and reduce the risk of heart disease.
Enhances Cognitive Function: Meditation can improve cognitive function by increasing blood flow to the brain and enhancing connectivity between brain regions.
Increases Emotional Intelligence: Meditation can increase emotional intelligence by increasing self-awareness and empathy.
Reduces Chronic Pain: Meditation has been shown to reduce the perception of chronic pain and improve quality of life in individuals with chronic pain conditions.
Improves Digestion: Meditation can improve digestion by reducing stress and promoting relaxation, which can help to alleviate symptoms of gastrointestinal disorders.
Promotes Mindfulness: Meditation promotes mindfulness, which is the practice of being present in the moment and fully engaged in one’s surroundings. This can lead to greater clarity, focus, and peace of mind.
Boosts the Immune System: Meditation has been shown to increase the activity of natural killer cells, which are responsible for destroying cancer cells and virus-infected cells.
Increases Creativity: Studies have shown that meditation increases activity in the prefrontal cortex, the part of the brain associated with creative thinking.
Reduces Anxiety and Depression: Meditation has been shown to be an effective treatment for anxiety and depression, with studies showing significant reductions in symptoms.
Improves Sleep: Meditation can improve the quality of sleep by reducing stress and calming the mind.
Overall, meditation is a powerful tool for improving physical, mental, and emotional health. Whether you are looking to reduce stress, increase creativity, or improve your overall well-being, meditation is worth exploring.
Tuesday, 2nd May 2023, the African Private Capital Association (AVCA) announced the release of its 2022 African Private Capital Activity Report.
The authoritative annual report offers deep insights into private capital fundraising, investments and exits in Africa, sharing extensive data and analysis across investment strategies covering private equity, private debt, venture capital, infrastructure, and real estate activity – across all subregions.
African private capital markets experienced a record-high volume of deals in 2022. As a result, deal volumes in the region recorded a remarkable 46% year-over-year (YoY) growth.
In 2022, 626 deals took place, a favourable increase amidst broader global trends, where deal volumes and value retreated in line with growing economic uncertainty into H2 2022, declining by 15% and 26%, respectively.
The report reaffirms Africa’s position as a bankable investment destination and is the only market worldwide to have experienced growth in both the number of deals closed and capital invested. US$7.6bn of private capital was invested in 2022, marking a 3% year-on-year growth in deal values across the continent throughout 2022.
This activity was driven by record growth in mid-market (US$10mn – 49mn) and larger-sized (US$50mn – 100mn) deals. Catalysed by venture capital deal flows, 2022 attracted the second-highest private capital investment over the last decade.
On the other hand, while the fundraising value in 2022 experienced a 54% YoY decrease, more funds raised capital in 2022 than the year before. Much of this activity was led by capital raises between US$100mn and US$250mn.
Venture capital continues to dominate private financing
Reflecting Africa’s changing demography, VC was the most active asset class, accounting for 74% of the total private capital deal volume and over half of private capital deal value.
As a younger, more tech-oriented population drives interest in disruptive sectors – investments in tech secured the largest part of all investments recorded last year on the continent.
According to the new report, regulatory reforms involving greater protection of intellectual property rights and removing barriers to accessing funding sparked innovation in the start-up ecosystem, boosting investor confidence. This has encouraged more investment into industries integrating technology into their services, such as healthtech, which is moving upwardly.
Private equity activity in Africa experienced a resurgence, with a 24% YoY increase in the number of deals, and a 31% YoY increase in the value of those deals. Private debt, an asset class offering diversification and investment protection during periods of economic volatility, attracted significant interest in 2022 with activity in the asset class across Africa growing 7.2x YoY.
Investors continue commitments to familiar regions and sectors
West Africa witnessed the most private capital deals on the continent, spearheaded by Nigeria, with over half of the deals in the region concluded in Africa’s largest economy.
The growth of private equity in South Africa, the continent’s most industrialised economy, reversed years of decline in investments in the wider Southern African region. Last year saw a surge of activity in the region boosted by growth in deal values increasing across Private Equity and Infrastructure.
Investment activity in North Africa continued to gain traction and noted a 52% YoY increase in deal volume in 2022, while the deal value in 2022 near-doubled the investment value recorded in the previous year. East Africa also experienced a rise, with a 71% increase in deal volume and a 4x increase in deal value, marking its highest-grossing year in a decade.
Multi-region investments accounted for the largest deal volume, with investors channelling 37% of the total value of investments into portfolio companies with operations in more than one African economy. The Financials sector has benefited from this borderless approach.
The sector’s prominence across private capital deal volume (29%) and value (32%) made it the most attractive sector again, a trend expected to continue. Consumer discretionary services, holding the second position, have been lifted by growing interest in the education, hospitality, and retail sectors.
Companies exit record number of investments
Last year marked a record number of successful exits, with 82 exits spread across all sub-regions. The 2.3x YoY increase in exits across Africa, dominated by the financial sector, follows a bottleneck of delayed exits post-Covid. Last year, private capital fund managers prioritised asset disposal, the majority of which occurred in North Africa.
Trade sales comprised nearly half of all exits, with PE and financial buyers accounting for nearly a quarter. Exits through IPOs and capital markets marked a record high.
Abi Mustapha-Maduakor, Chief Executive Officer at AVCA, commented: “In the face of highly challenging global economic conditions, our industry saw an impressive number of exits – the most in history. The growing diversity of asset classes in the private capital ecosystem unlocks broader investment opportunities across exciting geographies and represents a marketplace finding more solutions in response to our transforming economy.
We are delighted to see strong performance in venture capital and growth in private equity and private debt. As our industry matures, AVCA’s metrics mark the evolution. We look forward to building on our organisation’s role as an enabler of growth and investment.”
In recent years, influencer marketing has become a crucial part of many brands’ marketing strategies. The power of social media and the rise of influencers have given brands the opportunity to reach a wider audience, increase brand awareness, and drive sales.
However, with this increased visibility comes a need for brands to monitor their influencers and ensure that their brand message is being communicated effectively.
Influencer media monitoring involves tracking and analyzing the content that influencers are creating and sharing across media platforms, blogs, social media, and other online channels.
By monitoring the content that influencers are producing, brands can ensure that the message being communicated aligns with their brand values and mission. Additionally, monitoring can help brands identify potential issues that could harm their reputation or credibility.
Here are some reasons why brands should monitor their influencers:
1. Protecting Brand Reputation
One of the most significant reasons why brands should monitor their influencers is to protect their brand reputation. Influencers have a significant impact on their followers’ purchasing decisions, and any negative content that they share could potentially harm the brand’s image. By monitoring the content that influencers are creating, brands can identify any potential issues and take appropriate action to address them.
2. Ensuring Content Quality
Brands invest a considerable amount of money in influencer marketing campaigns, and they want to ensure that the content being produced is of high quality. By monitoring the content that influencers are creating, brands can ensure that it meets their standards and aligns with their brand values.
3. Measuring Campaign Effectiveness
Monitoring influencers can help brands measure the effectiveness of their influencer marketing campaigns. Brands can track metrics such as engagement rates, impressions, and click-through rates to determine how well their campaigns are performing. This data can help brands make informed decisions about their influencer marketing strategies and make necessary adjustments.
4. Identifying Emerging Trends
By monitoring influencers, brands can identify emerging trends in their industry. Influencers often have their finger on the pulse of what’s happening in their niche, and brands can use this information to stay ahead of the competition.
5. Identifying Fake Followers
Unfortunately, fake followers are prevalent in the world of social media influencers. Brands that partner with influencers with a high number of fake followers may not see a significant return on their investment. By monitoring influencers, brands can identify fake followers and avoid partnering with influencers who engage in this practice.
In conclusion, influencer media monitoring is an essential part of any brand’s influencer marketing strategy. By monitoring their influencers, brands can protect their reputation, ensure content quality, measure campaign effectiveness, identify emerging trends, and identify fake followers.
With the rise of social media and influencer marketing, influencer media monitoring has become an indispensable tool for brands that want to stay ahead of the competition and succeed in the digital age.
NAFDAC, the National Agency for Food, Drug Administration and Control, announced that it will start randomly sampling Indomie noodles from the manufacturing facilities, including the seasoning.
Following the discovery of ethylene oxide, a carcinogen, Taiwan and Malaysian authorities recalled indomie noodles.
The Director of the Food Lab Services Directorate has already been engaged and is working on the methodology for the study, the agency’s Director-General, Prof. Mojisola Adeyeye, announced in a statement, identifying the component of interest as ethylene oxide.
The importation of Indomie noodles into the nation has long been prohibited, according to Mojisola. It is on the list of foods that the government forbids. It is not registered with NAFDAC because it is prohibited in Nigeria.
She said, “We are taking extra precautions to make sure the product is not being smuggled in; if it were, our post-marketing surveillance would catch it. Additionally, we want to confirm that Nigerian noodles and other foods use tested spices.”
This week, NAFDAC Food Safety and Applied Nutrition, FSAN, and Post Marketing Surveillance, PMS, are carrying out such activities in turn at the manufacturing facilities and the market.
She did, however, guarantee that Nigerians would be properly informed of the investigation’s findings. Ethylene oxide is a colorless, highly reactive, and combustible gas that is frequently employed as an intermediary in the synthesis of a variety of chemicals, according to the World Health Organization, or WHO.
The World Health Organization indicated in a report that evidence from studies on animals, test systems, and epidemiological findings suggested a rise in the incidence of human cancer.
Ethylene oxide should be regarded a possible human carcinogen, the investigation concluded, and its levels in the environment should be kept as low as practical.
The Nigerian Institute of Public Relations (NIPR) Lagos Chapter has pushed for a pleasant work environment for all Nigerian employees.
Speaking at the celebration of Workers Day 2023, the Chairman of the Lagos Chapter of NIPR, Mrs. Comfort Nwankwo, said in a statement that it was critical to recognize the difficulties faced by workers in these uncertain times and work to create a safe and supportive work environment for everyone.
She advised PR practitioners to keep the highest levels of ethics and professionalism in the performance of their tasks because the industry is vital to determining how people and organizations are seen.
“Employers in both the public and commercial sectors should put their employees’ welfare first”, according to Nwankwo.
“As professionals in public relations, we understand the significance of the work we do in furthering the interests of our clients and the organizations we represent,” she said.
She continued saying, “To influence public opinion, create and develop relationships, and ultimately promote commercial success, is what we do”.
Comfort recognized the effort and commitment of PR experts who, in the face of environmental constraints, have persisted in promoting the principles of their profession.
She concluded by saying “I wish all PR professionals a happy Labor Day on behalf of the NIPR Lagos Chapter. I am proud of the work my profession does since it is so important in forming public perception and fostering relationships”.
The insurance firms Insurance Limited and Heirs Life Assurance have announced new appointments to top leadership roles as well as a change in Heirs Insurance Limited’s corporate name.
Heirs Insurance Limited will now be known as Heirs General Insurance Limited, the company announced in a statement on Monday.
Wole Fayemi has been appointed by Heirs General Insurance to the position of Managing Director and Chief Executive Officer, effective as of Tuesday.
Wole Fayemi has worked in the Nigerian insurance sector for more than 20 years. He held the position of Executive Director, Technical, at Old Mutual General Insurance prior to joining HGI, where he oversaw the operations team’s strategic direction, led the operations team to achieve top-line growth, and reorganized the structural re-alignment of processes for greater efficiency.
Wole said, “It is a privilege to take on this position,” in response to the new appointment. The Heirs Holdings Group’s track record in business and the considerable contribution Heirs General Insurance is making to the sector have always captivated me. I’m excited to assume this leadership role and guide the business toward its upcoming goals”.
Tony Elumelu, Chairman of Heirs Holdings, the parent company of Heirs Life and Heirs General Insurance, commented on the appointment, “Wole’s experience and vision for the insurance business coincide with HGI’s goal. He is the ideal leader for Heirs General Insurance’s upcoming phase of corporate growth, in my opinion. His extensive knowledge of the insurance sector and superb business development abilities will be crucial to the company’s future, fostering corporate growth and transforming it into a 21st-century insurer”.
The appointment of Tosin Bayo-Yusuf to the role of Executive Director/Chief Operating Officer was also disclosed by the Board of Directors of Heirs Life Assurance. Wasiu Amao, the former Executive Director, Technical, retired after Tosin’s appointment.
Tosin Bayo-Yusuf has worked in the Nigerian insurance sector for a total of 17 years. She started working with Heirs Life in 2021 and has since held a number of executive positions, including Head of Individual Life Operations and Head of Bancassurance, where she promoted the bancassurance alliance with United Bank for Africa. She will assist Niyi Onifade, MD/CEO of Heirs Life, in running the business.
The businesses, which were established in 2021, provide innovative, customer-friendly goods and services that democratize access to insurance and make it easier to obtain.
To increase insurance penetration throughout Nigeria and redefine the insurance experience for millions of Nigerians, Heirs General, and Heirs Life firms have reaffirmed their commitment and support to their regulators, the National Insurance Commission. Both businesses are divisions of Heirs Holdings, a pan-African investment firm with operations in twenty different nations.
As part of celebrations for Workers Day, Ecobank Nigeria has finalized plans to host a consumer-focused income management webinar with the title “Maximizing your income: the power of diversification” for Nigerian entrepreneurs and employees in the public and private sectors.
The webinar, scheduled for Friday, May 5, 2023 at 11 am, will have a panel of speakers who have been carefully chosen.
Dr. Yemi Kale, Partner and Chief Economist of KPMG Nigeria, will deliver the keynote address. He served as the National Bureau of Statistics’ (NBS) former Statistician-General. Other speakers include Daberechi Effiong, Head, Consumer Products, Ecobank Nigeria Limited, Victor Yalokwu, Head, Personal Banking, and Oluyemisi Ogunmola, Managing Director, EDC Fund Management Limited. The public is encouraged to participate in the virtual webinar by signing up online
Mrs. Korede Demola-Adeniyi, Head, Consumer Banking, Ecobank Nigeria, stated in a statement prior to the webinar that it would concentrate on practical financial planning insights on maximizing income and how clients and the general public can access it as they move through their financial lifecycles.
“The quality of the presenters chosen for this webinar had me impressed. They have a lot of experience and are experts in their field. They should do the theme justice, in my opinion. Dr. Yemi Kale, the keynote speaker, is a well-known and knowledgeable expert on the topic.
He was once the Statistician General of the NBS and is currently the Chief Economist at KPMG Nigeria. Business professionals from our Consumer Banking team and EDC, the Ecobank’s specialized investment arm, will be present with him.
She emphasized that the webinar is yet another demonstration of the bank’s dedication to its clients’ financial security and urged both clients and non-clients of the bank to sign up and fully engage in the webinar, promising them that the lessons learned would have a significant impact on their personal and professional lives.
She claims that “people are generally looking for the best ways to manage and expand their resources in the face of present reality. As a bank that cares and is proactive enough, this webinar gives us the chance to organize a discussion on how to increase and maximize income. We’ll also go into detail about the advantages of income diversification.
To contribute their knowledge and experience, we have gathered subject area experts including Dr. Kale, a former NBS Statistician General. It’s crucial to remember that this webinar is open to anyone, not just our clients. It is open to all. It will be the most impactful and rewarding thing for them all.
Mrs. Demola-Adeniyi also added that the webinar will provide a guide to investment in key sectors and the bank’s offerings to help customers make the most of the current financial landscape. The webinar is aimed at individuals, salary earners, small businesses, self-employed, and other interested stakeholders, she said.
The leading private pan-African banking group, the Ecobank Group, has an affiliate called Ecobank Nigeria Ltd. Over 200 branches and 50,000 Xpress Point agency locations throughout Nigeria are where Ecobank Nigeria provides its Consumer, Commercial, Corporate, and Investment Banking clients with a full range of financial services and solutions.
In order to promote financial integration and socioeconomic development in Africa, the Ecobank Group was founded in 1985. We offer unmatched expertise and experience across Africa, with a presence in 35 sub-Saharan African nations in addition to France, the UK, the United Arab Emirates, and China.
A single gateway for payments, cash management, trade, and investment across Africa and beyond is offered by the Ecobank pan-African platform.
The Nigerian Labour Congress (NLC) has announced the establishment of a hall of shame for judges who compromise election petition tribunals.
During a press conference organized by the Labour and Civil Society Movement Front over the weekend in Abuja, NLC President Joe Ajaero made this known.
According to Ajaero, the organized labor and civil society groups will establish a “hall of shame” for judges who jeopardize the process.
He expressed concern that election tribunals have yet to begin hearing petitions from dissatisfied candidates who ran in the elections.
“We identify with all the views expressed here because we believe that the mission is geared towards rescuing Nigeria and rescuing the judiciary as the latter is clearly down,” Ajaero said.
“The judiciary has set many states and institutions on fire. The judiciary has set Imo state on fire and up till now, people are wondering how a person who was not a candidate of his party be declared the governor.
“The judiciary has so many questions to answer. If they fail to answer those questions within a short time, we will create a hall of shame for those judges that come up with some judgments and that could happen soon.”
The NLC president stated that the Nigerian Bar Association (NBA) must speak out against the problems of the court.
He stated that Nigerians want to know if the judiciary is still the average man’s final chance.
Peter Obi, the Labour Party’s (LP) presidential candidate in the 2023 election, has stated that Nigeria cannot succeed until workers’ welfare is prioritized.
Obi stated on Monday at the commemoration of this year’s May Day celebrations at Abuja’s Eagle Square that this is why he is pressing on shifting the country from consumption to production.
“Today’s topic is socioeconomic justice.” When we talk about that, we’re talking about fairness for all,” Obi said to the workers assembled for the global yearly event that honors workers’ accomplishments.
“All we want is to build a country where Nigerians will be proud to say that they are Nigerians, a country where people will not be struggling to go out, a country where all of us workers will say they are working and happy.
We cannot talk about moving from consumption to production without caring about the welfare and well-being of the greatest tool of that revolution, which is human labour.
I urge them and every hardworking Nigerian, to remain steadfast in the course of building a better and New Nigeria where there will be more jobs, high productivity, security of lives and properties, and everything that will make Nigerians proud of their country. -PO
“We can’t get the economy right, we can’t get anything right until the workers are working and they are being looked after — their welfare and everything — and they are productive. That is why we say we will move it from consumption to production.”
Obi then the workers to “continue what you are doing, continue to be law-abiding” for a peaceful country, adding that Nigerians have no other country which he said citizens must build for their children.
Tax experts have advised the federal government and the Federal Inland Revenue Service (FIRS) to embark on persistent, sustained, and result-oriented driven public education that would encourage more Nigerians to become taxpayers.
The experts also stated that the objective of this enlightenment campaign should be to encourage Nigerians to see themselves as partners in national development and progress with the government by highlighting what government does with revenue it garnered through tax collection to present and prospective taxpayers in the country in order to bring more Nigerians into the tax net.
They proffered this advice in Lagos during a one-day capacity-building training for business editors and finance correspondents and stakeholders in Nigeria’s taxation system with the theme, “Tax and Media: Communicating the Importance and the Impact.”
The workshop was organised by the Omnimedia Nigeria Limited in conjunction with the FIRS.
The Special Adviser to President Muhammadu Buhari on Media and Publicity, Femi Adesina, who was among the special guests during the workshop, revealed that it was the FIRS and the Nigeria Custom Service that provided the revenues that enabled the federal government wade through the gloomy period of global lockdown during the spread of COVID-19 in 2020.
Adesina said: “But surprisingly, the FIRS met its target, and that target has been exceeded in subsequent years,” adding that the Chairman of the FIRS has done very well in “providing the President Buhari’s administration with support that is very, very good.”
A Marketing Communication Specialist and Executive Producer/Editor in Chief of Energy and Business Media, Ademola Adedoyin, said in his presentation titled, “Media as Bridge between FIRS and the Tax Paying Public,” that “tax manager should demystify tax matters and continue to educate the taxpayers.”
Adedoyin referred to research done by the World Bank Group and PwC that titled ” Paying Taxes 2015: The Global Picture,” which ranked Nigeria as the 3rd worst globally in the time it takes taxpayers to comply. According to the report, it takes the taxpayer in Nigeria an average of 908 hours to comply, compared to 224 hours in Ghana, 202 hours in Kenya and 200 hours in South Africa.
He, therefore, averred that the media can help FIRS to connect with the tax paying public.
Adedoyin said: “The FIRS will have to take more proactive steps to mobilise and deploy the media in the critical task of educating and enlightening the public on tax issues if it must succeed in the discharge of its statutorily assigned mandate.
“Given the awful statistics of compliance level to tax responsibility by Nigerians, FIRS will have to work out a mutually beneficial partnership arrangement with the media to widen its tax net and deepen its revenue generation through tax.
“It will have to embark on a consistent, sustained, and result-driven education and enlightenment initiative that will encourage more Nigerians to become taxpayers.
“Since the Media is the bridge between FIRS and the tax-paying public, the agency will need to regularly embark on capacity building to sharpen the skills of Business Editors/Financial Correspondents whose duty it is to report and educate the public on its (FIRS) activities.
“Most importantly, FIRS will have to bring millions of productive Nigerians who are currently not taxed paying into the tax net, even as it should aggressively ensure that those already captured in the tax net unfailingly discharge their duties to the state, through a strategy that will make the taxpayer and the tax collector to see themselves as partners in progress.”
Similarly, in his presentation titled, “Understanding Taxation with Focus on the FIRS Mandate, Vision and Policy Thrust of the Present Chairman, Mohammed Nami, executive chairman of FIRS,” the Managing Partner of GBC Reanda (Chartered Accountants and Tax Practitioners), Mr. Gbenga Badejo, stated that in modern economies, taxes are the most important source of government revenue but not its only source of revenue.”
Badejo described the tax as, “a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organisation in order to fund government spending and various public expenditures (regional, local, or national), which transfers wealth from households or businesses to the government and has effects on economic growth and economic welfare that can be both increased (known as fiscal multiplier) or decreased (known as excess burden of taxation).”
Speaking in the same vein, a lecturer in the Department of Commercial and Industrial Law, Faculty of Law, University of Lagos, Dr. Philip A. Folarin, who delivered a paper on, “Understanding the Law of Taxation for Effective Tax Management: Citizens’ Obiligationa and Rights,” emphasised that tax and taxation do not mean the same thing and should not be used interchangeably.
“Taxation,” Folarin explained, “is the entire process or system by which government generates revenue through the imposition of tax. This system usually involves tax policy, tax law and tax administration.”
According to him, “a good and effective tax system stands on a tripod of tax policy, tax laws and tax administration.”
He pointed out that a good taxation must rest on ability of the taxpayer to pay, administrative efficiency whereby the cost of administering the tax by the tax authority should not exceed total revenue generated from the tax as well as certainty to avoid arbitrariness.
Despite its perennial underproduction in the last two years, Nigeria was able to increase crude oil output compared to its budget benchmark from 60% to 75% between H2 2022 and Q1 2023, according to data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
With a projected crude oil output of 1.88 million barrels per day in the 2022 federal budget, Nigeria under-produced by almost 277 million barrels between January and December 2022, leaving average production at 60%.
However, with a renewed zeal to combat oil theft and asset vandalism in the Niger Delta, the country has managed to drill 115 million barrels of the commodity in the first quarter of 2023, raising the average to 75 per cent, a rise of about 15 per cent.
Despite an increase over last year’s drilling, Nigeria failed to produce 39 million barrels, 36.5 million barrels, and 39.3 million barrels in the first three months of this year, from January to March.
When condensate, which is not included in the Organisation of Petroleum Exporting Countries (OPEC) calculation, is included, the country’s total output for the time jumps to 136.6 million barrels in the first three months of 2023.
When compared to the OPEC quota of 1.8 million, Nigeria’s production percentage fell, with the country only able to produce about 70% of its OPEC quota in Q1 2023.
It is, however, a significant improvement over the estimated 60% it drilled in most of 2022, when production fell to a record low.
The majority of the oil came from increased production at Forcados, which produced 6.8 million barrels, 6.9 million barrels, and 5.7 million barrels in the first three months of the year, respectively.
However, in 2022, Nigeria’s crude oil production fell short by 283 million barrels, amounting to approximately $24.55 billion, when compared to its expected output of 1.88 million barrels per day in 2022.
This amount was calculated by multiplying the 283 million barrels deficit reported throughout the time by an anticipated conservative price of $85 per barrel for which the product sold in the year under consideration.
With just 60% of its planned amount of drilling completed in 2022, the country lost roughly 40 per cent of its output to oil theft and sabotage as a result of incessant shut-in of planned output for the period.
A study of NUPRC statistics for the entire year 2022 found that Nigeria only drilled 43.3 million barrels in January, which turned out to be the greatest output for the year; 35.2 million barrels in February; 38.3 million barrels in March; and 36.5 million barrels in April.
It fell to 31.7 million barrels in May, then slightly increased to 34.7 million barrels in June before dipping to 33.6 million barrels in July last year.
In August, Nigeria produced 30.1 million barrels, compared to the projected 58.2 million barrels; in September, Nigeria’s output plummeted to a multi-decade low of 28.1 million barrels; and in October and November, Nigeria drilled 31.4 million barrels and 35.5 million barrels, respectively.
Furthermore, when recovery began to set in in December last year, the country managed to drill 38.2 million barrels of oil, cumulating to around 417 million barrels instead of the forecast of 700 million barrels for the year by the federal government.
The year witnessed one of the worst in the history of the country as it consistently failed to meet its OPEC quota. But there has been some recovery as underscored by recent output data.
The immediate past Minister of State, Petroleum Resources, Timipre Sylva, had said Nigeria was working towards meeting its OPEC crude oil production quota of 1.8 million bpd by the end of May 2023. Still , Nigeria has been unable to push out 1.4 million barrels per day, excluding condensate.
Sylva also explained that the federal government would continue to improve security along the tracks of the major crude oil pipelines and block every leakage through which crude oil is stolen by oil thieves and pipeline vandals.
The Nigerian government has recently taken a rash of decisions to tackle the embarrassing oil theft situation in the Niger Delta, hiring local security groups as pipelines surveillance contractors.
Among those handed the security contracts was a firm belonging to a former Niger Delta warlord, Mr Government Ekpemupolo, also known as Tompolo and Pipeline Infrastructure Nigeria Limited (PINL).
In addition, the NNPC has announced that it can now monitor Nigeria’s oil infrastructure in real time with its new automated platform and has inaugurated a whistle-blowers scheme which rewards persons who report the activities of suspected oil thieves to the national oil company.
To underscore how much the country’s oil and gas industry has deteriorated in the last couple of years, in 2011 Nigeria was producing an average of 2.4 million barrels a day, including condensate, but can barely now do 1.6 million bpd, plus condensate which is outside OPEC computations.
Prof. Charles Soludo, Governor of Anambra, stated that the N30,000 national minimum wage for Nigerian employees is insufficient to support the ordinary worker and his family.
Soludo made the remarks while speaking to state employees on Monday at the 2023 May Day celebration at Awka’s Dr Alex Ekwueme Plaza. “Paying N30,000 national minimum wage to Nigerian employees is exposing them to life in denial,” he claims.
“I say this because the sum cannot buy a bag of 50kg rice, much alone other home difficulties that people confront on a regular basis,” he explained.
The governor, in response to the list of concerns laid out by the chairmen of the Nigeria Labour Congress (NLC) and his Trade Union Congress (TUC), stated he recently raised the salaries of workers by 10 per cent to cushion the effects of inflation on workers.
He said that as an expert in economics, he was aware of inflation in our economy which had made workers to be in serious pain given what they earn as salaries. Soludo used the medium to direct the state workers to end the Monday sit-at-home which he noted was becoming a cheating on government.
“In more than a year now, workers in Anambra and other states in the South-East no longer work on Mondays and this has made it for them to work for 70/80 per cent monthly, while they receive their monies 100 per cent.
“This can no longer continue because it is like it has become a convenient excuse and we must get our state back on track,” he said.
Soludo stated that under his supervision, any employee who retires must receive his or her retirement benefits. He also stated that, in addition to other ventures, he would continue to pay monthly salary.
He informed labor leaders that the only way for him to execute the much-desired salary increases was for the government to cut the workforce in half.
Soludo, who praised state workers for their dedication, urged them to do more because he will ensure that they receive higher benefits as state revenue increases.
Humphrey Nwafor and Chris Ogbonna, the NLC and TUC state leaders, have already enumerated the difficulties confronting workers in the state in separate presentations.
They maintained that wages received by Anambra workers cannot feed them and their families while appealing that those due for promotions should be promoted.
The World Bank Group has begun work to assess the business and investment climate in up to 180 economies as part of its flagship Business Ready project, which is a key tool in the World Bank Group’s new strategy to facilitate private investment, generate employment, and improve productivity in order to help countries accelerate inclusive and sustainable development.
Business Ready builds on and supersedes the World Bank Group’s previous Doing Business programme, according to the organization, and reflects a more fair and open approach to evaluating a country’s business and investment climate.
According to the World Bank, the evaluated project was formed by advice from experts both within and outside the World Bank Group, including governments, the commercial sector, and civil society groups.
In the spring of 2024, the first annual Business Ready report, encompassing 54 economies, will be released.
The World Bank Group released two key documents today: the Business Ready Manual and Guide, which details the detailed protocols and safeguards in place to ensure the integrity of the assessments, and the Business Ready Methodology Handbook, which details the project’s indicators and scoring methodology.
Extensive talks with regulatory experts and nationally representative World Bank Enterprise Surveys, gathered by competitively chosen survey providers, are used to obtain data on the business environments of the initial 54 economies.
“The World Bank Group is bringing back a fuller and sharper measure of the investment climate of countries—something that is badly needed in a global economy in the midst of a generalized slowdown,” said Indermit Gill, the World Bank Group’s Chief Economist and Senior Vice President for Development Economics.
“Governments that do more to make their economies business-ready will do better in reviving private investment, creating jobs, and quickening the transition to cleaner energy.” The World Bank Group has long been a leader in spurring business-regulatory reforms across the world.
Its assessments of the business-enabling environment worldwide helped spur nearly 4,000 regulatory reforms in developing and developed economies over the past two decades.
They also significantly advanced academic research in this area, resulting in 4,000 peer-reviewed research papers and at least 10,000 working papers. Countries, moreover, often use these assessments to shape their development strategies.
“The ‘Business Ready’ project represents a new approach to assessing the business and investment climates,” said Norman Loayza, Director of the World Bank’s Indicators Group, which leads the project.
“The ‘Business Ready’ approach aims to establish a better balance between the ease of conducting a business and the broader implications for society as a whole.
“It gives a more positive role for governments, advocating for better public services for businesses. In addition to experts’ assessments, it includes direct information from entrepreneurs and managers on their experience navigating the economy’s business environment.”
Business Ready focuses on ten topics that span a company’s lifecycle as it begins, operates, closes, or reorganizes its operations: Business Entry, Business Location, Utility Services, Labor, Financial Services, International Trade, Taxation, Dispute Resolution, Market Competition, and Business Insolvency. Over the next three years, the project will expand to cover approximately 180 economies worldwide on an annual basis, beginning with 54 economies in 2023-24, 120 economies in 2024-25, and 180 economies in 2025-26.
The project’s name reflects its goal: to prepare each country’s economic climate for a thriving private sector. The name emphasizes the idea that economies exist in various phases of preparedness and that governments play a critical role in building a business climate suitable to long-term development.
Transparency will be a key feature of Business Ready’s safeguards for data integrity. All information collected by the project—raw granular data, scores, as well as the calculations used to obtain the scores—will be made publicly available on the project website. Moreover, all results presented in the reports will be replicable using straightforward toolkits available on the website.
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