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Nigeria Suspends Implementation of Expatriate Employment Levy Following Stakeholder Consultations

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The Federal Government of Nigeria has opted to suspend the implementation of the Expatriate Employment Levy (EEL) following intense deliberations with key stakeholders.

The decision, disclosed in a statement by the National President of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Dele Kelvin Oye, marks a pivotal moment in the ongoing discourse surrounding economic policies impacting the nation.

The suspension, announced on Friday, comes on the heels of a fruitful Trade and Investment outreach spearheaded by President Bola Ahmed Tinubu in Qatar. This outreach paved the way for a constructive meeting between high-ranking officials, including the Minister of Industry, Trade and Investment, Doris Aniete, and the Minister of Interior, Olubunmi Tunji-Ojo. Noteworthy attendees included representatives from various industry bodies such as the Petroleum Technology Association and the Special Economic Zones Association, the Director General of the Nigerian Turkiye Business Council, the European Union Trade delegation head, the NACCIMA Chair of Digital Trade Group, and the representatives of the National Association of Small and Medium Scale Enterprises.

Addressing the press, Oye elucidated on the rationale behind the temporary halt in the implementation of the EEL: “The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, in collaboration with key stakeholders, announces a temporary step down of the recently enacted Expatriate Employment Levy by the Federal Ministry of Interior, as administered by the Nigerian Immigration Service,” he said.

The decision to suspend the levy comes in response to mounting concerns raised by private sector entities, who warned of adverse effects on Foreign Direct Investment (FDI) and the stability of the national currency. Criticism against the levy gained traction, prompting a reassessment of its implications by the government.

Highlighting the significance of the suspension, Oye noted the need for further consultations with relevant stakeholders.

“It was unanimously agreed that the implementation of the Expatriate Employment Levy will be paused, allowing for further consultations with NACCIMA and other vital stakeholders,” he said.

Moreover, Oye disclosed plans to establish a joint committee comprising representatives from the Ministry of Industry, Trade and Investment, the Ministry of Interior, NACCIMA, and other stakeholders. This committee will undertake a comprehensive review of the EEL policy, ensuring that it aligns with the nation’s economic objectives and fosters an environment conducive to investment.

Expressing gratitude towards the Federal Government and the ministries involved, Oye underscored their willingness to engage in dialogue and consider the concerns of the business community. “This is indicative of their commitment to creating an inviting atmosphere for both local and international investors,” he remarked.

In light of the decision to suspend the EEL, the NACCIMA boss offered reassurances to investors, urging them to maintain confidence in Nigeria’s investment landscape.

“We advise all investors, both current and prospective, to continue with their business activities and investment plans in Nigeria with confidence,” he affirmed.

The statements made by Oye signal a collaborative effort between the government and private sector stakeholders to navigate economic challenges and foster sustainable growth. Stakeholders said Nigeria’s suspension of the EEL reflects its determination to position itself as a prime destination for investments through recalibration of policies to support long-term economic growth.

Happy International Women’s Month

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It’s International Women’s Month. I think this is an excellent time to celebrate women pushing past workplace barriers, combining the demands of their careers with the other competing demands in their lives. And I thought this should be an excellent time to discuss remote work culture as a feminist issue.

While we have hailed remote work for its flexibility and convenience, it has also emerged recently as a feminist issue, prompting a re-examination of traditional workplace norms and their impact on gender equality.

As professionals across various industries embrace remote work, let’s see how this trend intersects with feminism and its implications for gender equality in the workplace.

Historically, women have faced numerous barriers in the workplace, from the gender pay gap to limited opportunities for career advancement.

Traditional office environments often perpetuate these inequalities, with rigid schedules and expectations that may disproportionately affect women, particularly those with caregiving responsibilities.Remote work comes with an opportunity to challenge these norms and create a more inclusive and equitable work environment. One of the most significant ways in which remote work intersects with feminism is through its potential to mitigate the challenges faced by working mothers.

In industries such as technology and finance, where long hours and demanding schedules have traditionally been the norm, remote work offers a lifeline for women balancing professional ambitions with familial obligations.

Now, women need not sacrifice family demands for their career progression, or vice versa. By allowing employees to work from home, remote work can provide greater flexibility in managing childcare and household responsibilities, enabling women to remain active participants in the workforce longer than they might have otherwise without sacrificing their personal lives.

In a way also, remote work has the potential to level the playing field for women in male-dominated industries.Take, for example, the field of software engineering, where women continue to be underrepresented.

By eliminating the need for physical presence in the office, remote work allows women to contribute to projects and collaborate with colleagues regardless of their geographical location.

This can help overcome the isolation and exclusion that women in male-dominated fields often experience, fostering a more inclusive and supportive work environment. This does not suggest that remote work has become the panacea for gender inequality in the workplace. In some cases, remote work arrangements may even exacerbate existing disparities.

For example, women in lower-income industries, such as retail and hospitality, may be unable to work remotely due to the nature of their jobs.

Similarly, women from marginalized communities may lack access to the resources and infrastructure necessary to support remote work, such as reliable internet connectivity or a dedicated workspace.

Remote work has challenges for women, particularly those in leadership roles. Without the visibility and face-to-face interaction afforded by traditional office environments, it may not be as easy to assert authority and influence within the organizations, especially for women taking on leadership roles for the first time.

A 100% remote work arrangement can also starve them of the opportunity to shadow and learn under the guidance of other leaders. This can perpetuate gender stereotypes and ultimately hinder the woman’s career progression, undermining the potential benefits of remote work for gender equality.

To address these challenges, organizations that adopt remote work must adopt a holistic approach and be ready to tweak their remote work into one that prioritizes inclusivity and equity. This could involve implementing policies and practices that support work-life balance, such as flexible scheduling.

They could also invest in technology and infrastructure to ensure that all employees, regardless of their circumstances, can fully participate in remote work arrangements.

The goal is to eventually dismantle the systemic barriers that perpetuate gender inequality in the workplace. This includes addressing unconscious bias in hiring and promotion processes, providing mentorship and professional development opportunities for women, and promoting a culture of respect and inclusivity at all levels of the organization.

The theme for this year’s International Women’s Day Celebration is “Inspiring Inclusion,” it would be nice to begin to address across industries those barriers that cause women to be excluded at different stages of their careers.

Happy International Women’s Day.

Happy International Women’s Month

Surge in BTC coincides with optimism on Wall Street Tech Stocks

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Bitcoin, the world’s most popular cryptocurrency, has been on a tear lately, reaching new highs and breaking records of $70,000 but retraced back to $68k range where it is currently trading. The latest surge in BTC price coincides with a wave of optimism on Wall Street, as tech stocks rally and investors anticipate more stimulus and innovation from the Biden administration.

There are several factors that could be contributing to the BTC rally, but one of the most obvious ones is the increased demand from institutional investors. According to a recent report by CoinDesk, institutional investors bought more than $1.5 billion worth of BTC in January, surpassing the previous record set in December.

Some of the notable buyers include MicroStrategy, which added another $10 million worth of BTC to its balance sheet, and Tesla, which announced a $1.5 billion investment in BTC and plans to accept it as a payment method.

Another factor that could be boosting the BTC price is the growing adoption of the cryptocurrency by mainstream platforms and services. For instance, PayPal, which launched its crypto service in October, has seen a surge in user activity and volume, as more than 26 million merchants can now accept BTC and other cryptocurrencies as payment.

Moreover, Visa, Mastercard, and BNY Mellon have also announced plans to integrate crypto into their networks and offerings, signaling a shift in the attitude of the traditional financial sector.

A third factor that could be influencing the BTC rally is the tech optimism on Wall Street, as investors bet on the recovery and innovation of the tech sector amid the pandemic. Tech stocks have been outperforming the broader market, as companies like Apple, Amazon, Netflix, and Tesla have reported strong earnings and growth.

One of the main drivers of this change has been the emergence and adoption of decentralized finance (DeFi), which is a set of protocols and applications that aim to provide financial services without intermediaries, using blockchain technology and smart contracts. DeFi has enabled users to access lending, borrowing, trading, investing, insurance and more in a permissionless and transparent way, creating new possibilities for innovation and inclusion.

Another key factor has been the growth and diversification of the crypto ecosystem, which now includes thousands of different tokens, platforms and projects, each with its own value proposition, use case and community.

Some of the most prominent examples are Ethereum, which is the leading platform for smart contracts and decentralized applications; Binance Coin, which is the native token of the largest crypto exchange by volume; Cardano, which is a scalable and sustainable platform for smart contracts and governance; and Polkadot, which is a network that connects and secures different blockchains.

The tech sector is also expected to benefit from the Biden administration’s policies, such as increased spending on infrastructure, clean energy, and research and development. These factors could create a positive feedback loop for BTC, as more tech companies adopt and invest in the cryptocurrency, and more investors see it as a hedge against inflation and currency devaluation.

The crypto market has also become more visible and relevant to various stakeholders, such as institutional investors, regulators, media and mainstream audiences, who have recognized its value, innovation and potential. In this blog post, we will explore some of the key trends and factors that have shaped the crypto market and its future prospects.

Join us to Master How To Build a Multinational Career

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How do we make careers multinational? What are the ingredients in the 21st century knowledge economy? How do you begin in the village and land in the trading halls of New York City? How can we go international in this age?

Yes, you like to give speeches which pay $5,000 per hour. How can you expand that business, from Lagos, Nairobi, etc to Tokyo, London, etc. You sing in the community. Any aspiration to sing for the world? The world pays!

Join me at 7pm WAT tomorrow for Tekedia Mini-MBA Personal Economy class, focusing on Planning a Multinational Career, as we continue how you can build your own economy, not your company’s or Nigeria’s economy, but yours. That is why Tekedia Mini-MBA is unique: you are not just trained to make the company better. We put efforts on YOU and your Personal Economy.  Advance your leadership ascent and go global!

Zoom link in the board – this is the #best school and the winner of Mhagic Velocity  $60,000 Global Prize for Innovation in Business Education. Register for the next edition here. It remains N90k or $170 if you beat the early bird deadline. Join us.

Moroccan Fintech Tookeez Secures $1.5 Million to Bolster Technical Capabilities

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Tookeez, a Moroccan fintech startup, has successfully secured $1.5m in funding to bolster its technical capabilities and expansion efforts.

The investment round was led by Azur Innovation Fund, a prominent public-private seed capital fund based in Casablanca.

The startup announced plans to use the funds to expand further into Morocco its base, as well as the MENA region. The funds will also be used to develop its blockchain technology system.

With this strategic investment, Tookeez aims to establish itself as a leading force in Africa’s loyalty program landscape, targeting a reach of 4 million active users by 2028.

CEO of Tookeez Siham Elmejjad expressed gratitude for the investors’ trust, emphasizing the fundraising as a crucial step in their development. The goal is to reach 4 million active members by 2028, positioning tookeez as a genuine ecosystem for economic and financial inclusion in the region.

Also Speaking on the funds raised, lead investor Azur Innovation Fund expressed strong support for Tookeez, recognizing its potential to revolutionize the customer loyalty landscape.

President of Azur Innovation Fund Adnane Filali said,

“We are proud to partner with Tookeez, a company redefining the way businesses and consumers interact through loyalty programs. Their vision perfectly aligns with our mission of supporting impactful entrepreneurs who are shaping the future”.

Founded by Hicham Amadi, Tookeez facilitates interoperability between different loyalty programs, allowing users to effortlessly convert their points across a diverse array of partners. This interoperability not only enhances user flexibility but also encourages broader engagement with loyalty initiatives.

Tookeez offers a user-friendly solution by aggregating loyalty points from various programs into a single, secure digital wallet. This empowers users to seamlessly transact across a vast network of partner stores and brands using their accumulated points. Businesses, on the other hand, benefit from a streamlined system that allows them to offer point-based redemption options to their customers.

The financial landscape in Africa and the Middle East is witnessing remarkable growth, with the loyalty market projected to reach $6.48 billion by 2024. A steady compound annual growth rate (CAGR) of 12.1% from 2019 to 2023 underscores the region’s burgeoning potential, with expectations of continued expansion at a CAGR of 9.7% between 2024 and 2028.

While the North African market boasts a burgeoning landscape of loyalty program startups, the Moroccan arena sees stiff competition from contenders like WaR and Advantages Entérprises. However, tookeez stands out with its innovative approach and strategic partnerships.

As Tookeez secures substantial backing for its technical advancement, it is poised to further disrupt the fintech space, offering a transformative solution to streamline loyalty programs and enhance the user experience across the region.