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The Good, the Bad and the Ugly of Opinion Polls Ahead of Nigeria’s Elections

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There must be a number of electoral activities at every stage of the election cycle before local and national elections in any nation. Campaigns, personality assessments of candidates, and agendas for the people are typically among the main activities. Political parties, candidates, and their supporters are expected to conduct campaigns under the auspices of the electoral body or any other recognized organizations tasked with ensuring the sustainable conduct of various activities throughout the electoral cycle.

On the other hand, voters, the media, and civil society organizations are expected to do the majority of the candidate evaluation. Most voters and civil society organizations evaluate candidates based on what the media wants them to think about the candidates through the selection of parts of their lives (candidates) and existing issues or needs perceived to be relevant for understanding the candidates’ ability and capacity.

On a larger scale, when groups or organizations evaluated candidates using polls or surveys with the goal of collecting the opinions of potential voters, the results typically drew mixed responses. While some beneficiaries who received high ratings or performed well are jubilant and anticipating the results to be reflected in the general election, those who received low ratings typically viewed the results as a pointless exercise with no scientific foundation.

Sometimes those who rejected the results were correct in their assessment of the results due to perceived flaws in the polling processes. Several political scientists and respected pollsters have documented the best practices for conducting public opinion polls. According to them, three essential guidelines for scientific polling are followed by all reliable surveys. First, the questions need to be phrased in a straightforward and objective way. Second, the sample’s subjects must be chosen at random. Third, the survey or poll’s sample size needs to be large enough for the sampling error to be considered acceptable. Sampling error is a common variation that happens when samples are taken.

Mediatizing and Journalistic Framing of Poll Results

The results of any poll in which one of these principles is missing will be controversial for a long time unless the pollster addresses the problem. Aside from breaking these standard rules, the results of a poll with a single question should be used with caution. This is largely based on the fact that a question is insufficient for transforming individuals’ perspectives into a concrete assessment of candidates due to the devil of using a unit of analysis to judge complex personality traits and competencies of candidates in relation to issues and challenges that must have been mediatized by selecting and priming certain perceived realities in such a way that the audience considers the realities as more important than others.

Apart from mediatizing issues and challenges relating to candidates and their political parties, media organizations also prefer framing poll results in ways that potential voters should consider any candidate before voting. For example, various media outlets have reported the results of a recent poll conducted by NOI poll, which was commissioned by another organization, using various frames and agendas.

While reporting the poll, The Premium Times used “2023: Poll shows Peter Obi leads Tinubu, Atiku, Kwankwaso” as its headline. Vanguard considered “2023: Peter Obi leads in presidential Poll”. It is clear from the inclusion of candidates that the two newspapers reported the same thing about the main presidential candidates ahead of the election. However, as used by The Premium Times, the poll indicates how the public should interpret candidates’ potential performance during the election. In contrast, Vanguard’s inclusion of the word “presidential” alongside the poll depicts Mr Peter Obi as the winner of the 2023 presidential election. Despite Vanguard’s headline risky positioning of the Labour Party’s candidate to the public, the newspaper still conveyed the pollster’s message.

Strategic Options

There is no denying that public opinion can have a significant impact on a nation’s political and electoral development. However, it must be carried out with sincerity and a true sense of patriotism. Pollsters should make sure that the previously stated correct scientific principles are strictly followed when conducting polls. Our analyst recommends that pollsters take into account big data from new media in addition to conventional polling techniques.

This will go a long way toward addressing the risks of relying on the small amounts of data that conventional polling methods typically produce. For instance, 3,000 potential voters out of a million registered voters is a small sample size, making it impossible to generalize the results.

Join Cinderbuild Network, Africa’s Leading Building Materials Marketplace; [Tekedia Capital Portfolio]

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Our CinderBuild Inc. team is ramping growth. More and more independent vendors are now in the Cinderbuild network. Through that network, those selling building, construction and home furnishing materials receive massive support. For example, if you sell only cement today, through our marketplace, we can help you add paints. And the most exciting part: with Cinderbuild, you have the best prices. Learn more at cinderbuild.com: “CinderBuild brings bulk off-takers and suppliers onto one collaborative platform streamlining the materials procurement process from requisition to delivery.”

Note: if you buy from a Cinderbuild in-network seller, let me know. I have a special Thank you gift. Cinderbuild is a Tekedia Capital portfolio startup, and the pioneering firm on organizing how people buy and sell building and construction materials in Africa

Shopify Introduces New Compensation Package Which Allows Employees To Pick Between Cash And Stock

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Canadian multinational e-commerce company Shopify, in a bid to retain talents, has implemented a new compensation system that allows employees the flexibility to choose between cash and stock, following a highly competitive market.

With this new compensation plan, employees across all departments in the company will receive a raise, along with the ability to determine how much of their total pay comes in cash and how much is in stock.

Stock-heavy compensation and an emphasis on the priceless experience of working with revered tech talent like the company’s founder and CEO, Tobi Lütke, are typically part of Shopify’s compensation package.

The implementation of this compensation plan, came after the company received backlash from its employees, where some disclosed that they felt uncomfortable about their compensation packages as Shopify’s stock price fell more than 65%.

The company revealed that as many as 91% of the eligible employees have already enrolled in the new system.

Chief Human Resources Officer, Tia Silas said in an interview said;

“An employee saving to buy a house can choose to take home more in cash. Someone planning for their children’s future can opt for more RSUs or options.

“The share vesting will begin immediately as one-year cliffs on equity have been removed”. He added.

The company, which offers tools and payment systems for merchants to set up their online stores, last week named investment banker Jeff Hoffmeister as its financial head to help it navigate a challenging environment with several headwinds including high inflation and lower demand.

Shopify is one of the many tech companies that fought to retain workers in a hot market after a fall in its stock price. The company found itself on the losing end of the talent wars.  But of course, they still need talent and many professionals will be looking for Shopify Interview Questions, to deepen their capacities to be part of that technology company.

The stock price crash caused some frustration among employees, some of which resigned, particularly those who joined the company in 2021, when its stock price was much higher.

Also, tech companies with struggling stock prices also had to contend with the Big Resignations. It was reported that more than 47 million Americans left their jobs in 2021, with many seeking higher pay and better working conditions.

The Canadian company had stated in the past that it would cut about a 10th of its workforce and review its operations to slash spending given a challenging environment, with cost-conscious consumers cutting back on online purchases.

But those benefits may no longer be cut as its new plan allows employees the flexibility to choose between cash or stock.

From Oriendu Market Ovim to Goldman Sachs, Innovation WINS

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We will begin the academic excursion tomorrow as we start the live session of Tekedia Mini-MBA. Over the next 12 weeks, we will examine the fundamental constructs of market systems and how we can unlock opportunities. We will co-learn and advance our professional and entrepreneurial missions. My business experience began at Oriendu Market in Ovim (Abia State) where after school, if not going to the farm, I had to resume in the market to help to sell garri and yam. 

For the yam, there were many varieties – mbala, nkaa, obiaturuuge, etc – and my grandmother modeled the pricing accordingly, Her instruction was clear: this yam cannot make it back home, offer a discount once you notice that the middle-men and -women from cities have started packing to go back home. So, timing was critical in that business.

Then in the farm, she explained that this yam must be preserved to last very long. For those yams, you never take them to the barn because water must never touch them. That way, they last long.

Then on garri, if you want to have a higher margin, demonstrate that your garri can last really long to those buying them to sell in big cities like Enugu and Aba. How do you do that? After the frying process, spread it on a  mat and make sure it is well “cooled” before you start bagging. What you do in the first 3 hours can determine how long that garri will stay “fresh”. 

Great innovation, from the farms to the market and the spirit remains the same: innovation wins the market, either in Ovim Market or Goldman Sachs. Join us tomorrow as we begin the live session of Tekedia Mini-MBA. Next week, we will host executives from Microsoft, SAP and more. This is the temple to master the mechanics of business, register here.

Nigeria’s Inflation Rate Hits 20.52% in August, The Highest in 17 Years

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Spices in markets

Nigeria’s inflation rose from 19.6% in July by 0.92 basis points to 20.52% in August, the highest in 17 years, according to the latest report from Nigeria’s Bureau of Statistics (NBS).

The new inflation rate represents the seventh consecutive monthly rise in Headline inflation since February. Food inflation also hit a record 23.12% rise in August 2022, representing a 1.1 percentage point increase compared to 22.02% recorded in the previous month.

“In August 2022, on a year-on-year basis, the headline inflation rate was 20.52%. This was 3.52 percentage points higher compared to the rate recorded in August 2021, which was 17.01%.

“This shows that the headline inflation rate increased in the month of August 2022 when compared to the same month in the preceding year (August 2021). On a month-on-month basis, the Headline inflation rate in August 2022 was 1.77%, this was 0.05% lower than the (1.82%) rate recorded in July 2022”

According to the NBS’ report, “the food inflation rate in August 2022 was 23.12 percent on a year-on-year basis; which was 2.82 percent higher compared to the (20.3%) rate recorded in August 2021.”

These figures mean that Nigerians are about to experience further economic hardship due to the widened disparity it will create between earnings and the cost of living.

Nigerians spend more than 50% of their meager earnings on food alone, leaving them with about 40% to cater for other needs. With Nigeria’s median income at about N11.500 per month, the economic affliction is set to be excruciating.

Experts blame government, proffer solution

Experts who weighed in on the country’s current economic situation have pointed at many things, ranging from forex scarcity to Russia-Ukraine war to poor economic policies, as reasons for the negative economic trajectory.

Analyst and CEO, Wyoming Capital and Partners, Tajudeen Olayinka, told Vanguard that 20.52% inflation number for the month of August 2022, is an indication that demand-side management tools being deployed by CBN to tame inflation in Nigeria may actually be aggravating the situation, given the fact that most of the factors responsible for inflation in Nigeria are traceable to the supply side of the economy.

“These supply side factors had been there and largely unresolved before the emergence of imported inflation that came as a result of the Russian war on Ukraine.

“Foreign exchange scarcity and exchange rate mismanagement; unending insecurity and limited access to farms; crude oil theft and inability to meet OPEC production quota; high cost of raw materials; infrastructure deficit; highly elevated cost of capital in the economy are some of the dangerous factors bedeviling Nigeria economy. So, it will be difficult for CBN’s demand side management tools to solve the problem. Unfortunately, the fiscal side is weak, with no positive contribution to make at this time, other than to engage in excessive borrowing and fiscal rascality. That is also driving up inflation,” he said.

Former National President of National Association of Government Approved Freight Forwarders, NAGAFF, Eugene Nweke, said the Federal Government’s economic policy is to be blamed for the rise in inflation rate.

“The closure of companies will further drive more citizens into poverty. Already the sector is struggling and the government policies are not helping.  The ports being the gateway for trading and most goods imported are consumables; the scarce foreign exchange will drive up the cost of goods which will in turn drive up inflation,” he said.

Speaking about solutions and measures that the government should take to ameliorate the economic strains emanating from the high inflation, the Nigeria Labour Congress asked the federal government to effect payment of cost of living allowance to workers and others.

The NLC president Ayuba Wabba said the high inflation is a pointer to the fact that the economy is not healthy.

“Basically, it is also the evidence that the cost of goods and services especially foods and every item has gone haywire. It is a reflection of also the value of our currency. The value of our currency has continued to be on a free fall and all of this put together is what is reflected in the inflation data released. With all of these, it is the workers that are on fixed wages that are at the receiving end and basically, we now have a pool of the working poor because of the fact that it is difficult for people to have ends meet.

“Two days ago, I went to buy a loaf of bread in Abuja, a bread that used to be N250 moved to N500. Now, a loaf of bread is now N800/900. So, imagine somebody on N30, 000; how does he survive? It is really a difficult situation, that is why many countries around the world are paying what they called cost of living allowances and we have urged the government to look at it. Ghana recently paid 15 percent, South Africa paid to all workers some percentage to cushion the challenge of hyperinflation in the system which has also resulted to the high cost of living,” he said.

Adding its voice, Nigeria Employers’ Consultative Association (NECA) said the government should suspend all forms of new taxes and levies to give a respite on the spiking production cost.

“To tackle inflation, all forms of new taxes and levies should be suspended to give a respite on the spiking production cost. There should also be deeper stakeholder engagements across sectors to develop an enduring strategy on the way forward. The federal government like its counterpart in other climes must be responsive and deliberate in its efforts to flatten the inflationary pressures,” Director-General, NECA, Wale Oyerinde, said.

He added that the recommendation has become necessary as it is apparent that the government’s intervention so far has not impacted the rising inflationary pressures.

Speaking through its Director-General, Mr Wale Oyerinde, NECA contended that “it is apparent that the government’s intervention so far has not impacted the inflationary pressures that have kept rising.