Allianz Sees Corruption, Shortage of Skills, Energy as Top Risks in Nigeria – Business Post Nigeria

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By Aduragbemi Omiyale
Three top risks have been identified in Nigeria by Allianz Global Corporate & Specialty (AGCS) in its 12th annual survey of key business risks around the world, according to 2,700+ respondents.
In the report made available to Business Post, it was stated that corruption, shortage of skills due to the migration of young Nigerians abroad, and energy are the country’s top risks.
These risks, identified through the Allianz Risk Barometer, were grouped under macroeconomic developments, political, and cyber risks.
Respondents were questioned during October and November 2022, with a focus on large- and small- to mid-size companies.
They were asked to select the industry about which they were particularly knowledgeable and to name up to three risks they believed to be most important.
Nigeria has for many years battled with corruption in government, with the efforts yielding little or no result.
In 2015, President Muhammadu Buhari, after he defeated former President Goodluck Jonathan, he promised to fight corruption and clean the government.
However, almost eight after, his administration has been accused of unprecedented corruption and others, including crude oil theft and fuel subsidy.
The high level of corruption and insecurity in the country has forced some young Nigerians to travel to countries like Canada, the United Kingdom, the United States and others.
It was recently reported that many bank and health workers were resigning to japa (flee) from the country for a better life outside.
In the report by Allianz, it was disclosed that “in Nigeria, the top three risks are Macroeconomic developments (#1 from #3), Political risks and violence maintains second position, and Cyber incidents slide down two places to #3.”
As for the others, the report said cyber incidents and business interruption rank as the biggest company concerns for the second year in succession (both with 34% of all responses).
However, it is macroeconomic developments such as inflation, financial market volatility and a looming recession (up from #10 to #3 year-on-year), as well as the impact of the energy crisis (a new entry at #4) which are the top risers in this year’s list of global business risks, as the economic and political consequences of the world in the aftermath of Covid-19 and the Ukraine war take hold.
Such pressing concerns call for immediate action from companies, explaining why both natural catastrophes (from #3 to #6) and Climate change (#6 to #7) drop in the annual rankings, as does pandemic outbreak (from #4 to #13) as vaccines have brought an end to lockdowns and restrictions.
Political risks and violence are another new entry in the top 10 global risks at #10, while the Shortage of skilled workforce rises to #8. Changes in legislation and regulation remain a key risk at #5, while Fire/explosion drops two positions to #9. View the full global and country risk rankings and watch a short video here.
“For the second year in a row, the Allianz Risk Barometer shows that companies are most concerned about mounting cyber risks and business interruption. At the same time, they see inflation, an impending recession and the energy crisis as immediate threats to their business.
“Companies – in Europe and in the US in particular – worry about the current ‘permacrisis’ resulting from the consequences of the pandemic and the economic and political impact of the ongoing war in Ukraine. It’s a stress test for every company’s resilience,” the chief executive of AGCS, Mr Joachim Mueller, commented on the findings.
FG Releases New Rice Variety to Ensure Food Sufficiency
Google Suspends 5.6 million Advertiser Accounts, Blocks 3.4 billion Ads
Aduragbemi Omiyale is a journalist with Business Post Nigeria, who has passion for news writing. In her leisure time, she loves to read.
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By Adedapo Adesanya
The federal government has released a new rice variety known as FARO68 and 20 other crop varieties for farmers as part of efforts to make Nigeria attain food sufficiency.
Speaking on Thursday, Mr Oladosu Awoyemi, the Chairman of the National Varieties Release Committee (NVRC), at the 31st Meeting of the National Committee on Naming, Registration, and Release of Crop Varieties, Livestock Breed/Fisheries, revealed that the varieties were released to the farmers through his committee.
At the meeting attended by many agriculture experts, researchers, breeders, seed companies, and other relevant stakeholders, Mr Awoyemi said that a total of 25 crop varieties were submitted for registration, but 21 were approved and subsequently released.
He explained that the new rice variety was bred by the National Cereal Research Institute, Badeggi in Niger State.
According to him, the lowland rice genotype is registered and released based on its early maturity and high grain yield.
“Other released crop varieties include –  three new millet varieties with high iron and zinc content; high grain yield, and presence of long bristles on the panicle, namely LCIC MV5; LCIC MV6, and LCIC MV7.
“Yam variety: UMUDa35-Delight; UMUDr33-Blessing and UMUDr34-Sunshine. These yam varieties were released based on high yield, good boiling, and pounding qualities.
“Six hybrid maize varieties, namely VSL 2201; PAC 740; SAMMAZ 69; SC 424; SC 555 and Oba Super 8.
“These new maize varieties were released based on high grain yield, tolerance to fall armyworm, to major foliar diseases, to multiple stresses, to Striga, drought and low nitrogen,” Mr Awoyemi said.
The NVRC chairman also announced the release of three new Sorghum varieties, namely SORGHUM 52; SORGHUM 53, and SORGHUM 54.
Mr Awoyemi said that the Sorghum varieties were released because of high yield and biomass, earliness, high Iron (fe) content and dwarfness and their tolerance to Striga.
Five tomato varieties were also released during the meeting; these were HORTITOM 1; HORTITOM 2, HORTITOM 3; PS TOM 1, and PS TOM 2.
According to him, the committee released the tomato varieties based on their “tolerance to fusarium wilt, Meloidogyne incognita; they contain good nutritional qualities and resistance to early blight”.
He said the varieties released were per with what was released in the US, Kenya, and other agricultural countries, adding that the exercise would make the agriculture sector not become stagnant.
Mr Awoyemi, who has been chairman of NVRC since 1991, used the opportunity of the meeting to announce his resignation from the committee due to old age.
The veteran urged agriculture stakeholders to continue to be dedicated to the development of Nigeria, “particularly in Agriculture, being the backbone of the nation’s economy.
“So, the frontiers of knowledge must continue to expand so that we come abreast with the developed world.”
In his remarks, Mr Abdullahi Mustapha, the Director-General of the National Biotechnology Development Agency (NABDA), said that release of the 21 crop varieties would contribute immensely to the development of crop sections for the overall development of the farming system in the country.
According to Mustapha, these new crop varieties, when farmers plant the seeds, will give them high and quality yields, resistance to diseases and drought, and free of other constraints. He encouraged farmers to ensure that they get the right seeds for planting.
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By Dipo Olowookere
A new report has revealed that Google has continued to prioritise the safety of its users over money, blocking some harmful advert materials placed on its platform by advertisers.
In the 2021 Ads Safety Report, Google said in the period under review, it removed over 3.4 billion bad ads as part of efforts to ensure that its users are exposed to safe adverts while surfing the internet.
It was further stated that over 5.6 million advertiser accounts were suspended by Google, while 1.7 billion ads were restricted from serving on publisher pages, with broader site-level enforcement action taken on approximately 63,000 publisher sites.
The report also said the firm introduced new tools and resources to help advertisers and publishers protect their brands and campaigns, including a new feature that allows brands to upload lists that can be automatically updated and maintained by trusted third parties.
“We also released several resources to help publishers moderate user-generated content and made targeted improvements to the publisher approval process to detect better and block bad actors,” a part of the report noted.
Business Post Google reports that Google has remained a platform for internet users, advertisers, and publishers. Different people of all ages approach the platform for knowledge and also to showcase their products and services.
This has forced various governments to take action to limit what their citizens are exposed to, as well as the safety of their personal data. Google understands this and has also taken actions to ensure that its users are very safe when on its platform.
In the report, it was disclosed that in the last five years, search interest in private browsing has increased by +60% in Nigeria, +30% in South Africa, and +110% in Kenya, with the figures increasing in 2022.
In October of last year, the company launched My Ad Center globally, allowing anyone to see and control how their data is used to show them ads on Search, Discover and YouTube. This allows users to choose to see less of the ads they don’t want to see (and if they want, more ads they’re interested in), creating a win-win situation for both users and advertisers. With less waste, more satisfied customers, and more effective campaigns, privacy-safe advertising is a win-win for everyone.
In addition to these efforts, Google also announced the Privacy Sandbox initiative, an initiative developed in partnership with the advertising industry that aims to create a more private internet.
It is designed to reduce tracking across websites and apps while still allowing for free access to online content and services.
The initiative involves building new technology to protect personal information, providing alternative options for publishers and developers, and establishing new internet privacy standards.
The Privacy Sandbox for the Web will phase out the use of third-party cookies and limit covert tracking. It will also provide safer alternatives for publishers to use to protect personal data and continue their digital business.
“At Google, we are committed to making the ad-supported web a safer and more private place for everyone in Africa.
“We believe that by giving people control over their data and investing in privacy-safe advertising, we can secure a future for the ad-supported web that benefits everyone,” the Managing Director for Africa at Google, Mr Nitin Gajria, stated.
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By Adedapo Adesanya
The Nigerian Mining Cadastre Office (NMCO) said it generated N14.59 billion from 2018 to 2022 and remitted all into the Treasury Single Account (TSA).
Director-General of the agency, Mr Obadiah Nkom, speaking at the 63rd session of the State House Ministerial briefing on Thursday, described the revenue in the last five years as a welcome development despite drops in the last two years.
The NMCO boss noted that the bulk of the organisation’s earnings was derived from applications, processing, and annual service fees, which constitute 50 per cent of the annual revenue generated from the Federal Ministry of Mines and Steel Development.
In 2018, 2019, and 2020, the agency generated N1.55 billion, N2.38 billion, and N2.57 billion, respectively. However, between 2021 and 2022, there was a revenue decline from N4.3 billion to N3.79 billion, respectively.
Mr Nkom further asserted that so far, the agency has recorded about 6,000 license holders, while from September 2021 to date, the agency revoked 3,400 titles, with warnings that it will revoke more in 2023 from those who do not comply with the provisions of the Act.
NMCO came into being following the federal government’s Mining Sector reform programme, which was implemented by the Ministry of Mines and Steel Development in collaboration with the World Bank Sustainable Management of Mineral Resources Project.
As an autonomous agency of government, as provided by section 5(1) of the Nigerian Minerals and Mining Act (2007), it is responsible for the management and administration of mineral titles, considered to be the cornerstone of a secure mineral rights system.
The agency receives, considers, and disposes of applications for mineral titles and permits as well as applications for the transfer, renewal, modification, and relinquishment of mineral titles or extension of areas.
It grants issues, suspends, and (with the approval of the Minister) revokes mineral titles; maintains the cadastral registers; creates a database of all mineral titles and applications; and maintains a cartographic database of all mineral titles and applications in the cadastral maps.
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