Cannabis Conscious Consumers ‘Have To Vote With Their


Marijuana Matters (M2) founder Khadijah Tribble‘s recent appearance at the Benzinga Cannabis Capital Conference in Miami served as a platform for discussing the significance of the consumer’s role in shaping the cannabis industry.

When asked about how conscious consumers could best support and encourage sustainability and ethical, social, and governance (ESG) practices in the cannabis industry and request that in the products that they’re purchasing, Tribble’s response highlighted the potency of financial influence.

“Well, I think that consumers have to vote with their dollars. When they’re supporting brands like Wild and Wanna, they are saying that this matters to them. And investors and companies are paying attention, and they’re trying to emulate and or scale what those companies are doing,” said Tribble, who also served as vice president of corporate social responsibility at Curaleaf Holdings Inc CURLF.

Tribble’s statement underlines the undeniable connection between consumer choice and industrial transformation. The support for brands that prioritize sustainability is not just a statement of preference but an assertion of what matters to the consumers.

According to her, when consumers ‘vote with their dollars’, they effectively endorse these environmentally-friendly business practices, pushing the entire cannabis industry towards a more sustainable future. She also emphasized that this extends beyond mere ecological responsibility to also include ESG standards.

Want to hear more conversations like this? Join us at the Benzinga Cannabis Capital Conference, which is a unique gathering of industry leaders, innovators and investors. It offers an opportunity to discuss pressing issues, share insights, and shape the future of the cannabis industry. After the success of the Miami event, the conference will be returning to Chicago on September 27 and 28. All relevant information is available on bzcannabis.com

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Growth in a fractured world


For decades, China set a shining example of how to capitalise on globalisation to accelerate domestic economic growth and development. These days, however, the country risks becoming a cautionary tale about mishandling globalisation’s shift from a beneficial tailwind to a disruptive headwind.

Although the Chinese economy’s recent travails have some unique characteristics, they illustrate the growth challenges facing many developed and developing countries. They also show that while economic growth is not everything, you cannot solve much of anything without it.

This year was supposed to mark a robust economic recovery for China. Instead, many analysts have been forced in recent days to again revise down their projections for Chinese growth, and more are likely to follow suit. This increasingly pessimistic outlook can be attributed to three main factors.

First, as the most recent trade data show, the global economy no longer supports China’s domestic growth dynamics. In June, Chinese exports fell by 12.4% (in dollar terms), and imports declined by 6.8%, far worse than the consensus forecast of a 10% decline in exports and a 4.1% decrease in imports. These disappointing figures are the result of sluggish demand growth in Europe and elsewhere, and enhanced restrictions against China, particularly those imposed by the United States, which created a self-reinforcing cycle that further dampened the country’s growth prospects.

Second, the Chinese authorities appear to be torn between two distinct approaches to stimulating the economy, resulting in a rather indecisive policy response. While the government seems inclined to revert to the top-down stimulus measures it employed in the past, actual implementation has been limited, owing to concerns about exacerbating inefficiencies and impeding the ongoing and generally orderly deflation of debt bubbles in certain sectors. Conversely, the much-needed alternative of unleashing bottom-up economic dynamism is constrained by domestic political considerations, leaving China stuck in the muddled middle. Meanwhile, domestic policy challenges are compounded by structural factors, including the aging population, high youth unemployment, and remaining pockets of excessive leverage.

Third, the removal of the long-standing zero-Covid restrictions has not led to a uniform sharp increase in household, business, and property demand. Instead, the process has been uneven and weaker than consensus forecasts. While GDP bounced back by 6.3% in the second quarter, growth fell short of the 7.1% pace that analysts expected.

Given that growth in Europe and the US is likely to remain subdued for the foreseeable future, and with the global economy still reeling from the impact of the most aggressive wave of interest-rate hikes by central banks in advanced economies in several decades, China cannot count on globalisation to rescue its faltering growth model. As companies seek to diversify supply chains away from China, inflows of foreign direct investment have also been constrained. Moreover, geopolitically-driven trade and investment restrictions are more likely to increase in response to US national-security concerns.

Rather than seeking salvation from external demand, China needs to sharpen its focus on domestic sources of robust and sustainable economic growth. Here, policy implementation has lagged, failing to match political leaders’ rhetoric. Similarly, the country’s industrial-policy framework has yet to strike the right balance between macro-level directives and providing sufficient operational autonomy at the micro level.

To avoid the middle-income trap that has repeatedly ensnared emerging economies, China must avoid policy inconsistency. That said, and with only a small handful of exceptions, it is difficult to point to any sizable economy that has managed to evade this trap over the past few decades.

While China represents a special example of “muddled-middle” growth strategies, it is not the only country in danger of falling into a growth trap. Both developed and developing countries face a similar risk of economic stagnation or, worse, regression.

With the exception of the US, few systemically important economies have recognised the significance of comprehensively reinvigorating their growth strategies. And even in the US, where recent government actions have focused on generating higher and more sustainable growth, the process is still susceptible to disruption by another Federal Reserve policy error.

Over the past two years, Gordon Brown, Michael Spence, Reid Lidow, and I have been discussing strategies that would enable governments to deliver the inclusive, durable, and sustainable growth needed to meet their citizens’ needs and aspirations. The results of these deliberations are outlined in our forthcoming book Permacrisis: A Plan to Fix a Fractured World, which will be published in September.
Our vision is simple. By adopting a “reduced form” approach, we have identified a manageable set of actions focused on three key areas: reengineering stagnant and increasingly ineffective growth models, improving domestic economic management, and enhancing global policy coordination and responses. We firmly believe that a detailed set of realistic and actionable measures could reverse worrisome secular developments, including declining growth and productivity, rising inequality, and heightened financial fragility.

Our findings could apply not only to China and other developing countries, but also to the world’s major developed countries, whose domestic malaise and weak global engagement undermine their economic and social well-being and the stability of the international system. Despite the policy mistakes that have put our world on its current course, we now have an opportunity to heed the lessons of the past and present and chart a more promising path for future generations.

The author is President, Queens’ College, University of Cambridge, and professor, Wharton School, University of Pennsylvania

Copyright: Project Syndicate, 2023.

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HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Encourages BioXcel Therapeutics (BTAI) Investors with Substantial Losses to Contact Firm’s Attorneys, Securities Fraud Class Action Filed – Corporate Social Responsibility News Today – EIN Presswire

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B Corp certification for ‘force for good’ Phastar


The company has been through a rigid 12-month review making sure all procedures and protocols reflect its commitment to high environment, social and governance (EGS) standards.

B Corps or ‘certified B corporations’ are for-profit companies that meet the highest of standards for of verified social and environmental performance, transparency, and legal accountability.

The assessment body, B Lab Global, reviewed Phastar’s impact across the necessary five key areas which are governance, workers, environment, community, and customers. There is a minimum threshold of 80 points, but Phastar achieved above that with 91.4.

Andrew MacGarvey, Phastar CEO, said: “Becoming a Certified B Corporation is a testament to our high standards and commitment to social and environmental performance, sustainability, transparency, and accountability. It is confirmation of our declaration to use our business as a ‘force for good’ by creating substantial value for our internal workforce, in addition to the wider community and society at large.​”

B Lab Global review

When reviewed by B Lab Global, it found within environment that the actions the company are putting in place to track and reduce their environmental footprint. These included a review of procedures that require downstream suppliers and facility leaseholders to demonstrate a commitment to environmentally sustainable practices; tracking of, and a commitment to reduce, Scope 1, 2, and 3 emissions; introducing comprehensive recycling programs in all of their office locations; supporting sustainable transport to work schemes; donating old laptops to charities as well as tree planting schemes in Kenya and Scotland.

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Reaganomics, not Bidenomics


The United States has a problem:
freedom is under threat. The Heritage Foundation’s 2023 Index of Economic Freedom gives the U.S. its worst rating since the first index in 1995. Accordingly, as many as 16
countries now enjoy
more economic freedom
than the U.S.!

I visited the U.S. quite often this year and last, conducting over 50 interviews with mostly conservative radio and TV stations. I noticed that resentment against “big business,” the “super-rich,” and even capitalism is no longer something you only find on the Left, where you would expect, but is also rising on the Right. Former President Ronald Reagan is no longer the undisputed conservative hero, and, in some cases, resentment against capitalist globalization and free trade on the Right is indistinguishable from the antipathy of the Left. Sen. Bernie Sanders (I-VT) and former President Donald Trump are not that far apart when it comes to free trade.


We see the same tendency in Europe: Anti-capitalism is not only intensifying on the Left, but it is also increasing on the Right. The radical Right in many European countries — France, for example — has adopted traditionally left-wing economic policies, calling for bigger government and a tighter rein on the market. In the U.S., journalist Michael Schaffer recently
in Politico:

 “And in that debate, a lot of the energy has come from the folks launching once-unthinkable broadsides from the right against ‘market fundamentalism,’ ‘libertarian dogma,’ ‘Zombie Reaganism’ and other alleged vices of the pre-2016 GOP elite. Once derided as a half-baked effort to intellectualize Trumpy applause lines, the nationalistic, market-skeptical right has in short order incubated its own establishment of organizations, major public events and Beltway wonk-world celebs.”

It was high time for the Republican Party to articulate opposition to these developments. Recently, numerous leading figures, including Grover Norquist (the leading anti-tax advocate), Dick Armey (author of Freedom Revolution), George Will, and a host of prominent think-tank representatives, published a
. The manifesto includes the following:

“The free enterprise system is the foundation of prosperity. Americans can only prosper in an economy in which they can afford the basics of everyday life: food, shelter, health care, and energy. A corrosive combination of government intervention and private cronyism is making these basics unaffordable to many Americans. We commit to reducing the cost of living through competitive markets, greater individual choice, and free trade with free people, while upholding the rule of law, freedom of contract, and freedom of association.”

Under Reagan, such commitments were a matter of course for the Republican Party. Nowadays, unfortunately, that is no longer the case. Yet today, it is more important than ever to remember these truths.

President Joe Biden is increasingly leading the U.S. toward a planned economy. What he calls the “
Green New Deal
” has already failed catastrophically in Germany. The transformation of Germany’s energy industry into a planned economy began under Angela Merkel, and German Minister of Economics Robert Habeck has picked up where Merkel left off. The consequences: In the International Monetary Fund’s latest World Economic Outlook, Germany is the only one of 22 countries and regions expected to experience a decline in GDP in 2023, a predicted fall of 0.3%, an even worse performance than Russia. The impact of planned economy policies needs a certain time to unfold, and a continuation of “
” would hit the U.S. hard.

Reagan created 17 million jobs by cutting the top tax rate from 70% to 28%. He also defeated inflation. Biden is equally proud of the jobs he has created, but they largely just replace jobs lost during the COVID-19 pandemic.


Biden’s policies need a clear counterposition. And that can only be “Reaganomics, not Bidenomics.” Reaganomics advocated smaller government, lower taxes, and deregulation. Bidenomics equals big government and less market freedom.

Thankfully, the authors of the Freedom Conservatism manifesto remind us why the U.S. has been so successful. The principles of capitalism must be defended today against the Left — and against segments of the Right. I am optimistic because a majority of people still believe in capitalism, as an Ipsos MORI survey for my book In Defense of Capitalism confirms. The survey has now been conducted in 34 countries. The result: Second only to Poland, the U.S. is one of seven countries where support for capitalism remains strong.

Rainer Zitelmann is the author of the book
In Defense of Capitalism

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J&J Can’t Resolve Mass Talc Lawsuits Through Subsidiary’s


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Zenith Bank retains Best Commercial Bank, Corporate


For a third year running, Zenith Bank Plc has been named the Best Commercial Bank in Nigeria at the World Finance Banking Awards 2023. The bank also emerged the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards 2023, retaining the award for a second consecutive year.


These awards were presented to the Group Managing Director/Chief Executive Officer of Zenith Bank, Dr. Ebenezer Onyeagwu, at the London Stock Exchange recently. The recognitions celebrate the bank’s feats and milestones in financial performance, financial inclusion, corporate governance, and sustainability.

Commenting on the awards, Dr Onyeagwu said: “These awards are a testament to our resilience and ability to adapt to the vagaries of the market as well as our innate capability to engender very stellar business performances through our innovative products and solutions. It also affirms our continued commitment to global best practices in corporate governance, sustainability and corporate social responsibility.”

Dr. Onyeagwu dedicated the awards to the founder and Group Chairman, Jim Ovia, thanking him for his mentorship and for establishing the basis for a resilient and highly successful institution. He also expressed gratitude to the board for their exceptional leadership, vision, and insight; to the staff for their unwavering commitment and dedication and to the bank’s customers for making Zenith their preferred bank.

World Finance is a foremost international magazine providing extensive coverage and analysis of the financial industry, international business and the global economy. Its editorial combines award-winning journalism, covering a vast array of topics from banking and insurance to wealth management and infrastructure investment, with contributions from some of the world’s most esteemed economists and theorists and consultants from government think tanks and the World Economic Forum.

Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards, with these latest honours coming on the heels of several recognitions, including being recognised as the number one bank in Nigeria by Tier-1 Capital, for the 14th consecutive year in the 2023 Top 1000 World Banks Ranking published by The Banker Magazine; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022, Best Bank in Nigeria, for three consecutive years from 2020 to 2022 in the Global Finance World’s Best Banks Awards; Best in Corporate Governance’ Financial Services’ Africa, for four successive years from 2020 to 2023, by the Ethical Boardroom; Most Sustainable Bank, Nigeria in the International Banker 2023 Banking Awards; Best Commercial Bank, Nigeria and Best Innovation In Retail Banking, Nigeria in the International Banker 2022 Banking Awards.

Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021 and Retail Bank of the Year, for three consecutive years from 2020 to 2022, at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

Similarly, Zenith Bank was named Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS Awards.

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Analysis-Biggest hurdles to China entry into trans-Pacific


By Lucy Craymer and Joe Cash

AUCKLAND/BEIJING (Reuters) – China should be able to meet standards set out in a major trans-Pacific trade pact, trade experts say, forcing members to make a politically uncomfortable decision on whether to let Beijing join a deal created to counter its growing influence.

Britain joined the Comprehensive Progressive Trans-Pacific Partnership (CPTPP) at a meeting in Auckland this month just over two years after its application, clearing the way for members to consider others from China, Taiwan, Ukraine, Costa Rica, Uruguay and Ecuador.

China’s application, by far the biggest economy, is next in line if they are dealt with in the order they were received, although that is not a given.

When asked whether there was a time frame for when the next applications would be considered, CPTPP host nation New Zealand’s Trade Minister Damien O’Connor said: “No.”

The free trade agreement has its roots in the U.S.-backed Trans-Pacific Partnership, developed in part to counter China’s growing economic dominance. The U.S. pulled out under President Donald Trump and it was reborn as the CPTPP with members including close U.S. allies Japan, Australia and Canada.

China wants to be part of the CPTTP because the ruling Communist Party places a lot of stock in its economic performance, which has suffered recently due to various trade restrictions, and because it sees the bloc’s high accession requirements as fresh impetus for economic reform at home, analysts say.

The absence of the world’s largest economy incentivises China to meet the high entry requirements as “the hidden motive” for Beijing is to “defeat the scheme by the U.S. to use the CPTPP as a way to contain China,” said Henry Gao, a law professor at Singapore Management University.

A Chinese Ministry of Foreign Affairs spokesperson said its application was in line with efforts to deepen reform and expand trade cooperation with other countries.


The CPTPP requires countries to eliminate or significantly reduce tariffs, make strong commitments to opening services and investment markets and has rules around competition, intellectual property (IP) rights and protections for foreign companies.

“The conventional wisdom is… that ‘Oh well, it’s too high level and China with its state-owned enterprises (SOE) couldn’t get into that agreement. So therefore it’s not going to happen.’ I think that is completely wrong,” Tim Groser, a former New Zealand trade minister and chief trade negotiator said.

He said there was a desire by at least some in China to use the agreement to drive reform such as in SOEs.

However, China offers SOEs subsidies and could struggle to meet the requirement to be an open and market-driven economy. And while IP rights are improving, there continue to be high-profile cases of IP theft from Western companies.

The CPTPP also has a focus on digital trade and prohibits forcing foreign companies to store local data in country – for example, in China. Beijing’s data sovereignty laws have only become tighter in recent years.

“If a country’s economies rules are really quite far apart from what CPTPP says, then inevitably there’s quite a big question about whether they could undertake really, really massive reforms,” said Graham Zebedee, Britain’s CPTPP chief trade negotiator, without commenting specifically about China’s application.

Trade experts noted the pact does have exemptions, such as protections for national security, and China showed it could liberalise when it joined the World Trade Organization.

“The CPTPP is important for us. Not because it’ll be easy but exactly because it will be difficult and tough,” China’s Ambassador to New Zealand Wang Xiaolong said in a recent speech. He said potential accession was an “impetus to the domestic reforms” that would be undertaken.


Ultimately the decision will be political rather than technical, because a deal to allow a new entrant must be agreed upon by all members. Australia, for example, has said it would not endorse China’s application while Beijing continues to block the import of Australian goods including wine and barley.

Furthermore, the U.S., Australia, Britain, Canada, Japan, and New Zealand last month signed a statement condemning economic coercion that was widely seen as referring to China’s behaviour at a time when many countries are looking to lessen supply chains’ reliance on Beijing.

Hopes also remain that the U.S. might reconsider its early CPTPP withdrawal, creating a dilemma for signatories given their veto power and the risk China, if admitted, could block a future U.S. entry.

“I think Japan, Australia, Canada and Mexico, they have to all act on their own. The U.S. walked away, so they shouldn’t really try to restrict others to talk with other partners,” said Wang Huiyao, president of the Center for China and Globalization think tank and a former member of the Chinese People’s Political Consultative Conference political advisory body.

When asked if the U.S. would reconsider joining the CPTPP, U.S. Secretary of State Antony Blinken told reporters in Wellington last week it is focused for now on the Indo-Pacific Economic Framework, which aims to improve supply chains and business conduct but is not a free trade agreement.

China has backed a rival Asia-Pacific trade pact called the Regional Comprehensive Economic Partnership (RCEP), which excludes the U.S. and involves cutting tariffs rather than opening up economies and dictating labour and environmental standards as the CPTPP does.

For CPTPP members, China’s application is not the only political dilemma. Taiwan is also seeking to join the pact, in a move opposed by China that member trade negotiators remain unsure about.

“It’s a consensus. So ultimately it depends on what everyone decides at the table,” said Natalie Black, Britain’s trade commissioner for Asia Pacific.

(Reporting by Lucy Craymer in Auckland and Joe Cash in Beijing; Editing by Jamie Freed)

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Tinubu’s cabinet and agenda for incoming health minister


Although the number of nominees, 28, falls short of the expected total number of ministerial position, from every indication, when cleared, this first batch of ministers will be posted to critical sectors as cabinet constitution process evolves.

Health sector will likely get a minister from among this first batch. For a sector that is faced with so many challenges, Nigerians expect so much from the incoming minister.

In Nigeria public health sector investment is not among the best globally; maternal and infant mortality remain among the highest in the world while brain drain is surging.

Also health emergency preparedness remains low, HV and AIDS remain of public health concern and Universal Health Coverage still low, the incoming minister already has the work cut out.

Dr Gabriel Adakole, a public health expert, says there is a toxic mix of problems including in accessible quality health care, poor hygiene, corruption and malnutrition.

According to him, there is also the challenge of access to safe drinking water, poor health infrastructure, fake drugs, insufficient financial investment, and lack of sufficient health personnel in the country.

“The new minister must prioritise the development and improvement of healthcare infrastructure, including the construction and renovation of hospitals, clinics, and other healthcare facilities.

“This is crucial to ensure that citizens have access to quality healthcare services.

“He or she is expected to focus on improving the quality of healthcare services provided to the Nigerian population,” he said.

According to him, this may involve investing in training programmes for healthcare professionals, improving access to essential drugs, and ensuring the availability of necessary medical equipment.

He urged the incoming minister to work towards achieving Universal Health Coverage (UHC); and ensure that all Nigerians have access to affordable and quality healthcare services regardless of their socio-economic status or location.

He said he expected whosoever becomes the new minister to prioritise diseases prevention and control, including communicable and communicable diseases such as malaria, HIV/AIDS, tuberculosis, hepatitis diabetes, hypertension cancer and other infectious diseases.

Dr Abigail Banji, a Health Economist, said achieving success in the sector would require the new minister to implement effective policies, promote vaccinations, and undertaking public health campaigns to raise awareness and educate the population.

Banji urged the new minister to develop and implement policies to expand health insurance coverage in the country in order to accommodate vulnerable populations.

“He or she should also work towards promoting accountability and transparency in the health sector, ensuring that funds allocated for healthcare are utilised effectively and efficiently,” she said.

She said this might involve measures such as auditing and monitoring healthcare facilities, and cracking down on corruption within the sector.

Mrs Lydia Dimka, a retired nurse, decried the manner in which registered nurses, midwives, doctors and other healthcare workers to leave the country for greener pastures and urged the incoming minister to stem the tide.

Dimka said the mass migration was affecting the nation’s healthcare system because many of those leaving are experienced healthcare providers who were supposed to mentor the younger ones.

“The new minister needs to enhance the working conditions, provide competitive salaries, and create more job opportunities that can incentivise skilled individuals to stay and contribute to their own country.

“He or she needs to develop a strong education system and invest in research and development to attract and retain talented individuals.

“This includes providing scholarships, grants, and other incentives for students and researchers to stay in the country,” she advised.

Ms Eunice Ali, an environmental health specialist, urged the incoming minister to foster partnerships with relevant stakeholders, including international organisations and non-governmental organisations.

Ali said this would enable the country to benefit from external expertise, funding, and resources to strengthen its healthcare system.

The Managing Director, Nigeria Health Watch, Mrs Vivianne Ihekweazu, quoted the World Health Organisation (WHO) as saying that Nigeria carries the burden of over 20 per cent of global maternal deaths, making it to rank second in the world.

According to Ihekweazu, ending preventable maternal death must remain the top priority of the new minister’s agenda.

She said urged the incoming minister to consider the private sector as crucial partners in the efforts to improve maternal healthcare.

According to her, as demonstrated by the success of the Coalition Against COVID-19 (CACOVID) during Nigeria’s COVID-19 pandemic response, the new minister should integrate the private sector to improve the health outcomes of women.

Also, the Health Sector Reform Coalition (HSRC) said that the any person appointed as the minister of health should ensure that the National Assembly members prioritised UHC in constituency projects.

The Chika Offor, Chair of HSRC, was recently quoted by the media as saying the minister should encourage the organised private sector to allocate more of their Corporate Social Responsibility (CSR) fund to health and vulnerable groups in the country.

He urged the incoming minister to ensure that the National Health Act was revised for its increased funding and streamlined implementation.

He tasked the incoming minister to ensure the Patient Bill of Rights as a demand-side initiative and all healthcare facilities came into operation.

The Federal Competition and Consumer Protection Commission (FCCPC) and the Federal Ministry of Health (FMoH) produced the document.

According to Mrs Jennifer Shoshan, the potential minister should ensure that Nigeria increased its vaccine production capacity.

Shoshan is a medical laboratory scientist with Innovative Biotech Limited, Karu, Nasarawa State.

Shoshan said the country’s vaccine manufacturing sub-sector faces various challenges, including inadequate infrastructure, limited funding, and inadequate technological expertise.

“Developing local vaccine manufacturing capabilities could potentially reduce the cost of vaccines, making them more affordable and accessible to the Nigerians.

“It would also create jobs and contribute to economic growth. It can also foster the development of skilled workforce and stimulate technological advancements,” she said.

She said that building vaccine manufacturing capabilities aligns with the broader goal of achieving self-sufficiency in healthcare.

Shoshan said it would strengthen the country’s healthcare system, reduce reliance on imports, and enhance local research and development capabilities.

Nigerian is among the countries where consumption of sugar-sweetened beverages has constituted a major health challenge.

Some stakeholders say addressing the consumption of such beverages would mean improved wellbeing for many Nigerians.

The National Action on Sugar Reduction Coalition,(NASR) urged the incoming minister to ensure the increase of Sugar-Sweetened Beverages (SSB), tax to 20 per cent, noting that the country’s current tax on SSBs was only 6.7 per cent.

“We need a higher tax rate to have a significant impact on health. The money collected from SSB taxes should be allocated to supplement the health budget and provide nutrition for those who are at risk of malnutrition.

“The incoming minister should ensure that the government considers SSBs as a sin tax and include it in a comprehensive excise duty bill.

“This approach has been taken by Ghana, which recently introduced a 20 per cent tax on SSBs to address their public health crisis,” said the National Action on Sugar Reduction Coalition, (NASR).

This is contained in one-day regional stakeholders forum on SSBs organised by the Corporate Accountability and Public Participation Africa and the National Sugar-Sweetened Beverages Tax Coalition

Nigerians expect Tinubu administration to deliver on this critical. Life expectancy in Nigeria is estimated at 53.8 per cent in 2023 as against 64.1 per cent in Ghana in 2020 and 62.8 per cent in Kenya in the same 2020.

The resoluteness and character of the incoming minister will, no doubt, go a long way in changing the face of Nigeria’s health sector for the better.

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The shift from owning to renting goods is ushering in a


Today’s consumer landscape is witnessing a pivotal shift away from traditional ownership towards an access-based model. Rather than outright owning goods and services, people prefer to simply have access to them.

Access-based consumption means engaging in transactions where ownership doesn’t change hands. Instead of owning physical copies of DVDs or CDs, for example, people subscribe to streaming services. Consumers are able to access a wide range of products without the burden that comes with traditional ownership.

This approach is closely associated with the sharing economy, which encourages collaborative consumption. This involves sharing, swapping and renting resources, eliminating the need for personal ownership of these goods.

The term “sharing economy” came into use after the 2007 financial crisis as people sought alternative ways to access goods and services, but started gaining more widespread usage in 2010 and 2011.

The sharing economy is growing exponentially. It’s projected to reach a market volume of $335 billion by 2025. This indicates that the way we consume goods and services has — and continues to — evolve significantly.

A response to global challenges

At a time filled with economic instability driven by a wealth of factors, including the long-lasting effects of COVID-19 and the war in Ukraine, consumers continue to shift their consumption habits to align with these economic shocks.

The access-based and sharing economy has emerged as a powerful response to these global challenges, offering a flexible, cost-effective and more sustainable alternative to the long-standing paradigm of ownership.

A phone screen displaying music streaming apps
Music streaming services allow people to access a wide variety of music without actually owning any physical copies of CDs or records.
(AP Photo/Jenny Kane)

The rise of access-based consumption doesn’t appear to be a passing phase. Rather, it appears to be an enduring form of consumption that is emerging in various industries, including transportation, fashion and toys.

Navigating the current economic landscape requires a solid grasp of these evolving paradigms. The rise of the access-based and sharing economy is more than a trend towards cost saving; it’s about constructing a sturdier, sustainable consumption model.

What is driving the shift

The growth of access-based consumption is driven by two main things. First, access-based consumption is predicated on the affordability, value and convenience it offers to consumers. Participation in car-sharing services, such as Zipcar and Turo, are primarily driven by these factors.

Secondly, access-based consumption provides environmental and social benefits by encouraging consumers to share and increasing the usage of a particular good.

In the fashion industry, rental services allow consumers to enjoy a variety of choices and gain access to luxury goods they may not otherwise be able to purchase. These services are also beneficial for those experiencing body changes, like pregnant women, as clothing can be shared to reduce careless disposal.

Access-based consumption means there is a time-related aspect to the transaction, either in the form of duration of access or usage. Even so, this doesn’t stop consumers from developing a sense of perceived ownership over a good or service.

Two small cars parked on the street outside a business with a Zipcar logo posted in the window
The growth of ride-sharing services like Zipcar has largely been attributed to the affordability, value and convenience they provide to consumers.

For example, consumers may develop a sense of pride, attachment and responsibility towards a shared community garden. They may gain social value from participating in this experience.

This social component also extends to peer-to-peer accommodation services, like Airbnb. One study found that the primary reasons American travellers used such a service included sustainability and connecting with community.

Interestingly, while service providers tout intrinsic motivations, such as promoting sustainability and building a community, users often have extrinsic factors such as affordability and convenience on top of their minds.

What does this mean for businesses?

Businesses need to reimagine traditional profit strategies, resource utilization, societal impacts and community relationships to better adapt to this shift in the economic paradigm.

Rethink profit: In an access-based economy, businesses need to shift their profit strategies from selling products to facilitating access. This calls for innovative approaches to monetizing services, such as tiered subscriptions, dynamic pricing or pay-per-use approaches, creating multiple revenue streams while fulfilling diverse consumer needs.

Maximizing technological resources: The role of technology is central in orchestrating transactions, maintaining inventory and ensuring a seamless user experience. In an access-based environment, businesses must harness tech advancements like AI, data analytics and the Internet of Things to streamline operations. Investing in digital infrastructure is critical to success in the access-based economy.

Beyond revenue: Profit isn’t the sole aim anymore. The access-based economy focuses on sustainable practices and societal impact. Businesses can position themselves as conscious brands by promoting resource optimization and contributing to societal and communal welfare. This shift towards corporate social responsibility not only elevates a brand’s image, but also resonates with the growing consumer demand for ethical consumption.

The power of trust: Trust is one of the cornerstones of the access-based economy. Consumers need the assurance of safety, quality and reliability before partaking in sharing transactions. Businesses can foster trust by implementing transparent practices, rigorous quality checks and responsive customer service.

The future of consumerism

While ownership does offer consumers unique benefits, including enhanced autonomy and a stronger sense of consumer identity, it’s clear we are shifting away from this model.

As consumers and businesses navigate and adapt to this new landscape, we are not just witnessing a change in how we consume, but in how we perceive value, community and our roles within it.

This dynamic shift towards an access-based model, fuelled by intrinsic and extrinsic motivations, is driven by the idea of a shared future built on access to goods and services, improved efficiency and collective value.

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