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CHILD LABOUR: HARMING OUR FUTURE GENERATION

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CHILD LABOUR HARMING OUR FUTURE GENERATION

CHILD LABOUR: HARMING OUR FUTURE GENERATION

INTRODUCTION

The future of any nation in any sphere of life is solely dependent on the population of the younger ones. But there are activities and occurrences that tend to impede this positive expectation from coming to pass and child labour sits heavily on this seat.

Millions of young children who are vulnerable are still affected by child labour, which is still a major problem in the world.

This article clarifies the numerous aspects of child labour, its causes and effects, the initiatives being taken to address it and the pressing need for everyone including the government to work together to end it.

CHILD LABOUR HARMING OUR FUTURE GENERATION

MEANING AND PERSPECTIVE

Child labour, which is defined as the exploitation of young people engaged in work that robs them of their childhood, hinders their ability to receive a regular education and is bad for their mental, physical, social and moral health. it is a serious threat to human rights and the future of our society.

Here, child labour is clearly seen as the employment of children in work that is harmful to their physical and mental development. There are several aspects of child labour that vary based on different factors, including geographical location, social and economic conditions, and legal frameworks. Here are some key aspects of child labour:

  1. Types of work: Child labour can involve a wide range of activities, including agriculture, mining, manufacturing, domestic work, street vending and lot more. These activities may vary based on cultural and economic factors prevalent in different regions.
  2. Age of the child: The legal working age in many countries is typically 15 or 16. Therefore, any child lesser in age, involved in some of form of work, is child labour.
  3. working conditions: Child labour places children in hazardous and unhealthy working environments. They may be subject to long hours of work, exposure to dangerous substances, abuse and denial of basic rights such as education, leisure and play.
  4. Exploitation and trafficking: Children engaged in forced labour are likely coerced, deceived and often forced into work involving illegal activities.

Eradicating child labour requires comprehensive strategies that address poverty, improve education, strengthen legal frameworks and promote social awareness and responsible business practices.

 

 

CAUSES OF CHILD LABOUR

It is important to recognize that child labour is a complex issue, deeply rooted in social, economic and cultural contexts and these are the main causes:

  1. Poverty: Poverty is widely considered as the leading cause of child labour. When families live in extreme poverty, they often struggle to provide for their basic needs. As a result, children may be forced to work to help sustain their families.
  2. Lack of access to education: When children are denied access to education or cannot afford schooling, they may end up working instead, depriving them of their right to education.
  3. Social and cultural norms: Certain social and cultural norms can also perpetuate child labour. In some societies, children working alongside their parents or other family members is seen as a normal practice, and often these practices are deeply ingrained.
  4. Lack of adequate laws and enforcement: In some countries, child labour laws are either weak or poorly enforced. This lack of protection allows employers to exploit vulnerable children by employing them under dangerous and exploitative conditions. This weak enforcement mechanisms allow unscrupulous employers to exploit child labour without repercussions. This includes inadequate regulation and inspection of workplaces.

 

  1. Inadequate social protection: Insufficient social protection systems, including limited access to healthcare, social security and welfare services can push families to rely on their children for income.
  2. Armed conflict and displacement: In places affected by armed conflict or natural disasters, families face displacement and extreme hardship. These situations can force children into hazardous work, especially when education systems are disrupted.
  3. Global demand for cheap goods: Global supply chains often involve the use of child labour to reduce costs. Consumers’ demand for cheap products can indirectly contribute to child labour when companies resort to exploitative practices to meet the market demands.

 

 

CONSEQUENCES OF PRACTICING CHILD LABOUR

The consequences of child labour are numerous and far-reaching, impacting not only the individual child but also their families, societies and economies. Here are some key consequences of child labour:

  1. Denial of education: Child labour often prevents children from attending school, leading to limited access to education. This perpetuates the cycle of poverty and hinders their ability acquire knowledge and skills necessary for future employment opportunities.
  2. Physical and mental health risks: Child labour exposes hazardous and strenuous conditions that can cause physical injuries, illnesses and developmental issues. They may be subjected to long working hours, dangerous machinery and toxic substances, which can have long-lasting health consequences.
  3. Impaired social and emotional development: children are deprived of the opportunities to play, interact with peers and learn critical social and emotional skills. This can result in loneliness, low self-esteem and a constrained ability to establish healthy relationships as an adult.
  4. Restricted future prospects: Future chances are limited because of the lack of training and education that comes from working as a child. As adults, these children are more likely to be stuck in low-skilled, low-paying professions, promoting the poverty cycle.
  5. Economic impact: Although, child labour may provide the family with immediate income, it also has a long-term financial repercussion. Countries are deprived of highly educated and skilled labour, which has a long-term negative impact on productivity and economic growth.
  6. Social inequality: Child labour worsens racial and income disparities, which in turn adds to social inequalities. The gap between the poor and the rich is further widened, and it mostly affects the underprivileged populations.
  7. Human rights violation: Child labour is violation of children’s fundamental human rights, which include the right to health, education and a safe environment. It violates laws and agreement designed to defend the rights children as well as international labour standards.

Overall, child labour has severe physical, emotional and societal consequences, making it a harmful and unjust practices.

 

INITIATIVES TO BE TAKEN TO ADDRESS CHILD LABOUR PRACTICES

Child labour is a complex issue that requires a multifaceted approach. Here are some strategies that can help address child labour:

  1. Strengthen laws and regulations: Government should enforce strict labour laws and regulations; establishing minimum employment ages and ensuring safe working conditions. To act as a discouragement, penalties for breaking child labour rules should be strictly enforced. Various countries have enacted legislation and policies to address child labour within their borders.
  2. Increased educational access: Government and organizations should work towards ensuring that all children have access to free and essential education because, quality education is crucial to combat child labour. This could entail increasing the number of schools, provide materials and incentives for attendance, ensure that schools are safe and child-friendly, and eliminating constraints like poverty and gender inequality.
  3. Raise awareness and positively influence attitudes: This can educate the public; communities, parents and employer about the dangers of child labour and the value of education. Advocacy work can influence social perception of child labour and advanced children’s right through media campaigns and community dialogues.
  4. Encourage economic development: Government and international organizations should invest in poverty-alleviation programs, sustainable economic development and job creation to provide alternative livelihoods for families that rely on child labour.
  5. Provision of social protection: Safety nets such access to healthcare, social assistance and affordable housing can help lift families out of poverty. This reduces the need for children to work to support their families.
  6. Collaboration: It is essential for businesses, communities, civil society organizations, trade unions, the private sector and government to work together. In order to address child labour, these stakeholders should work collaboratively. By sharing knowledge, execute extensive programs and pooling resources together.
  7. Promote responsible business practices: In order to stop child labour, businesses should be accountable for their supply network and increase supply chain transparency. Strict supply chain standards that are put into place and enforced, as well as routine supplier audits, can assist identify and address child labour instances.

Companies should be encouraged to adopt responsible business practices and adherence to ethical standards.

  1. Enforce international standards: Government should ratify and implement international conventions such as the International Labour Organization’s Convention on the Worst of Forms of Child Labour (No. 182) and the Convention on the Rights of the Child, to ensure universal protection children’s rights and combat child labour.
  2. Monitor and report: Adequate monitoring systems are needed to identify instances of child labour, collect data and track progress. For creating efficient interventions and assessing effectiveness, this information is important.

 

CONCLUSION

The eradication of child labour is a tedious task that requires collective efforts on local, national and global levels. By empowering through education, enforcing laws and regulations and tackling the root causes of child labour, it is possible to break the cycle of poverty and provide a brighter future for millions of children.

We must continue to raise our voices, stand up against child labour and work towards a world that respects and protects the right of every child.

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BUSINESS

Enlumi launches Next-Gen business management platform – Lumi Business to help businesses streamline key operations

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Enlumi launches Next-Gen business management platform – Lumi Business to help businesses streamline key operations

Enlumi launches Next-Gen business management platform – Lumi Business to help businesses streamline key operations

Enlumi, headquartered in Lagos has announced the launch of its B2B product—Lumi Business. The platform offers a comprehensive array of solutions, including but not limited to Point of Sale, Inventory Management, Accounting, Expense Management, Loyalty Management and analytics.

Enlumi launches Next-Gen business management platform – Lumi Business to help businesses streamline key operations

As a retail business in Nigeria it’s long been believed that having a modern payment collection device is enough to run the business and the rest is left to chance, instinct, or clunky, outdated softwares and tools. However, to thrive in the market, businesses need much more. Business owners frequently struggle with inventory-related challenges such as surplus, slow-moving stock, expired items, stockouts of high-demand products, and employee theft, all of which can result in revenue loss or tied-up business capital.

Lumi Business is tailored to tackle the inventory requirements of businesses, irrespective of their size, stock quantity, or staff strength. It efficiently simplifies sales tracking, expenses, and facilitates the management of customers, products, services, raw materials, ingredients, and recipes. By leveraging the Lumi Business platform, business owners gain access to data-driven insights that inform decision-making, thereby enhancing sales and maximizing overall business profitability.

Wait there’s more! Lumi Business has a cloud-based multi-store management system, which enables business owners to exert full control over their operations from any location worldwide, using any device. Its storefront feature allows business owners to start up virtual stores and sell online. This capability allows them to monitor stock movements effectively and mitigate issues such as employee theft, lost products, and wastage.

Over 300 SMEs in Nigeria trust Lumi Business to manage their day to day operations, particularly due to its robust features and user-friendly interface. The company looks forward to growing its reach and capabilities as it actively pursues partnerships with other platforms serving SMEs.

Speaking on the launch, Wale Adeniji, Enlumi Data’s CEO said “We firmly disagree with the notion that Nigerian business owners aren’t ready for more than basic payment collection tools.

We’ve seen that businesses in Nigeria are ready for more advanced solutions, they just need to be delivered the right way. We’re focused on building a business management solution that Nigerian businesses are crying out for, addressing a myriad of pain points all at once”. Click here to learn more about Lumi Business or visit www.lumibusiness.io

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BUSINESS

Rhebuch: Best Place To Buy Quality And Affordable Security Surveillance Cameras In Nigeria

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Best Place To Buy Quality And Affordable Security Surveillance Cameras In Nigeria

Rhebuch: Best Place To Buy Quality And Affordable Security Surveillance Cameras In Nigeria

 

The world is already going digital with the spate of innovations that are constantly released to drive convenience and comfort. It often comes with the sense that technology is the present scope shaping the future. There are many tech products in homes, offices, and other places today, with respective designs to serve relative purposes for human causes. This is because of how effective and efficient they are in making life easy for us as a people.

Best Place To Buy Quality And Affordable Security Surveillance Cameras In Nigeria

Meanwhile, it is common knowledge that security is a serious business – concerning the safety of lives and property. As such, adopting technology takes cognizance of this through developing tools or gadgets capable of improving security across space and time. One such piece of equipment is the security surveillance cameras- designed to give real-time information about happenings around the vicinity of the installation. Although these have been around for quite some time, their relevance to enhancing security and safety has not waned, especially as they continue to improve.

 

Nigerians are not new to using security surveillance cameras, as you can find them at homes, offices, shopping centers, religious centers, banks, estates, streets, etc. But while some people believe the cost of acquiring these gadgets is expensive, others are skeptical of their effectiveness – both untrue. Rhebuch is changing this age-long narrative by providing quality and affordable security surveillance cameras to Nigerians.

 

What Is Rhebuch?

 

Rhebuch is a technological company that is a multi-brand distributor of smart homes, video surveillance, fire alarms, access control, smart lighting systems, and many more. Therefore, it is your one-stop shop to buy all automation systems for your home or office. This company is reputed for providing the latest global standard equipment to foster the safety and security of lives and property in Nigeria.

 

There are CCTV cameras of different brands on Rhebuch – some of which include DAHUA 4HDD EPoE, DAHUA 24-port Unmanaged PoE switch, DAHUA 8MP IR fixed-focal dome network camera, Hikvision fixed dome network camera, DAHUA unmanaged desktop switch, etc.

 

Therefore, Rhebuch is the leading place to buy your security surveillance cameras, as there are many benefits from shopping on this platform.

 

Benefits Of Shopping For Security Surveillance Cameras On Rhebuch

 

1. Affordable And Quality Cameras

 

Rhebuch operates in sync with its mission of providing its customers with the best and latest gadgets in the marketplace – which it still upholds. As such, this platform is where affordability and quality melt, such that you purchase original security surveillance cameras at the best prices that are relatively lower than its competitors.

 

For instance, you can buy a DAHUA fixed focal dome network camera for as low as N75,000, cheaper than other marketplaces selling the camera. Therefore, you are saving more when you buy on Rhebuch.

 

2. Multiple Camera Options

 

Rhebuch provides a wide range of options when buying your security surveillance cameras. This is because they vary in type, purpose, and price, making the platform a store for every budget. This aims to change the misconception that these cameras are expensive or ineffective. You can find your preferred security camera with a particular focal dimension and coverage on Rhebuch without buying whatever is available.

 

3. Fast And Free Delivery

 

You are eligible for fast and free delivery when you purchase security surveillance cameras and other systems on Rhebuch. This is to make the logistics of your purchased products seamless through its unique way of proving that the company is highly customer-centric. Therefore, your cameras will be delivered to the platform within 24 hours of purchase.

 

4. Fast Returns

 

Rhebuch allows its customers to return their purchased products if they are no longer interested or unsatisfied. Irrespective of the reason, if it is valid, there is a window for you to return your camera for another. You can complete the return process on the platform within 24 hours.

 

5. Discount Offers

 

You can get the best deals for purchasing security surveillance cameras on Rhebuch. This is always available during special sales seasons, where you will have price slashes for your sales. It can go as high as a 30% discount on the platform. That is why it is important to always keep up with the sales and deals on the platform so as not to miss out.

 

Conclusion

 

You can get quality security cameras in your home or office at the best prices on Rhebuch, as it boasts a large customer base that trusts the platform for security and safety automation needs. So you can buy all your security gadgets on Rhebuch to give you the sense of safety you desire.

 

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BANKING

Financial Analysis: A Comprehensive Study of The Well-Being of A Country 

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Financial Analysis: A Comprehensive Study of The Well-Being of A Country

Understanding the financial stability of a country requires a thorough understanding of financial analysis. In order to offer insights into the overall financial stability and overall wellness of the country, it entails evaluating a range of economic indicators, financial performance, and market movements.

In this article, we will delve into the fundamentals and importance of financial analysis in evaluating a country’s economic situation.

THE HISTORY ABOUT FINANCIAL ANALYSIS

Ancient Beginnings:

The roots of financial analysis can be traced back thousands of years. The ancient Mesopotamians, Egyptians, and Greeks were among the pioneers of documenting financial transactions, creating basic records of assets and liabilities. These early attempts laid the groundwork for the concept of financial analysis through the study of financial statements and ledgers.

Medieval Europe:

During the Middle Ages, Europe witnessed the rise of merchant guilds and the emergence of double-entry bookkeeping. Italian mathematician and Franciscan friar, Luca Pacioli, is often credited with formalizing double-entry bookkeeping, publishing his seminal work “Summa de arithmetica, geometria, proportioni et proportionalita” in 1494. The concept of balancing debits and credits within financial records formed the basis for modern financial analysis techniques.

Industrial Revolution:

The Industrial Revolution in the 18th and 19th centuries revolutionized business and the need for financial analysis grew rapidly. As companies expanded and diversified, investors began demanding more comprehensive financial reports to assess the potential risks and returns of their investments. The birth of limited liability companies further accelerated the need for financial analysis, as shareholders sought transparency in the performance of their investments.

Modern Era:

The 20th century witnessed significant advancements in financial analysis techniques. The advent of electronic computing in the mid-1900s enabled the processing and analysis of vast amounts of financial data, leading to the development of sophisticated financial models and ratios.

The Great Depression of the 1930s laid the groundwork for modern financial analysis as regulators sought effective ways to prevent future economic crises. The establishment of the U.S. Securities and Exchange Commission (SEC) in 1934 brought about standardized reporting requirements, including the filing of audited financial statements. This increased transparency and standardized financial reporting provided analysts with a more accurate and consistent basis for their analysis.

The Rise of Quantitative Analysis:

In the latter half of the 20th century, the growth of computing power and the availability of large data sets propelled financial analysis into new territory. Quantitative analysis, utilizing statistical models and mathematical algorithms, started gaining prominence. Financial analysts began incorporating complex mathematical methods to assess investment opportunities, risk management, and portfolio optimization.

Modern Financial Tools:

With the advent of the internet and the digital age, financial analysis has become even more accessible and data-driven. Sophisticated software programs, data analytics tools, and artificial intelligence have revolutionized the way financial data is analyzed and interpreted. In recent years, technologies like machine learning have been leveraged to develop predictive models that can assess future trends and make accurate financial forecasts.

MEANING

Financial analysis is the process of evaluating businesses, projects, budgets, and other finance-related transactions to determine their performance and suitability. Typically, financial analysis is used to analyze whether an entity is stable, solvent, liquid, or profitable enough to warrant a monetary investment.

Financial analysis is a fundamental tool that allows organizations and individuals to assess the past, present, and future financial health of a business or investment. Through a systematic examination and interpretation of financial statements, ratios, and other key indicators, financial analysis helps in making informed decisions, optimizing resources, and improving overall financial performance. In this article, we will delve into the meaning of financial analysis, its prominent components, and its significance across various sectors.

Financial analysis involves scrutinizing financial data to evaluate the performance and profitability of an entity. It assists in quantifying the effectiveness of financial decisions, identifying trends, predicting future outcomes, and benchmarking against industry standards. By analyzing financial statements, investors, analysts, and other stakeholders gain valuable insights into the financial position, liquidity, solvency, and operational efficiency of an organization.

FUNDAMENTALS OF FINANCIAL ANALYSIS IN A COUNTRY

  1. Gross Domestic Product (GDP): GDP is a primary indicator used to gauge the economic performance of a nation. Financial analysts analyze GDP growth rates and its components, such as consumer spending, government expenditure, investments, and net exports. This analysis helps in determining the overall strength of the economy and identifying areas of potential growth.
  2. Trade and Balance of Payments: Trade analysis focuses on a country’s imports, exports, and balance of payments. Evaluating trade patterns helps identify sectors driving the country’s economic growth, trade imbalances, and potential risks to the economy from external factors such as changes in global demand or disruptions in supply chains.
  3. Inflation and Interest Rates: Analyzing inflation rates and interest rates provides insights into the stability of a country’s economy. High inflation erodes purchasing power, while high-interest rates can impact borrowing costs, affect consumer spending, and investment behavior. Financial analysts assess the impact of inflation and interest rates on an economy’s overall competitiveness and economic growth potential.
  4. Government Debt and Fiscal Policy: Analyzing a country’s government debt levels and fiscal policy is crucial in understanding its financial sustainability. A high level of government debt may lead to increased borrowing costs, reduced investor confidence, and potential risks to economic stability. Evaluating fiscal policies helps determine whether a country is managing its finances effectively and implementing sustainable economic growth strategies.
  5. Stock Market Performance: The stock market reflects investor sentiment and provides valuable insights into a country’s economic outlook. Analysts evaluate key stock market indices, such as the country’s primary exchange, sector-specific indices, and market capitalization trends. Monitoring stock market performance allows for an understanding of investor confidence, economic growth expectations, and potential risks to the financial system.
  6. Banking Sector and Financial Institutions: A robust banking sector is essential for economic stability. Financial analysts assess the health of the banking system by evaluating indicators such as non-performing loans, capital adequacy ratios, and the overall stability and soundness of financial institutions. Understanding the well-being of financial institutions helps gauge the potential risks to the overall economy, including credit availability, liquidity, and financial contagion.
  7. Regulatory Environment and Governance: The regulatory environment and governance play a critical role in attracting investment and fostering economic growth. Financial analysts assess the effectiveness of regulatory frameworks, transparency in financial transactions, and the overall credibility and efficiency of institutions responsible for enforcing regulations. Evaluating the regulatory environment aids in understanding potential risks and opportunities for sustainable economic development.

SIGNIFICANCE OF FINANCIAL ANALYSIS IN A COUNTRY

Financial analysis plays a vital role across various sectors, serving the following purposes:

  1. Evaluating Financial Performance: By conducting a comprehensive financial analysis, companies can assess their performance, profitability, and financial stability. This, in turn, helps in identifying areas for improvement, developing strategic plans, and making sound financial decisions.
  2. Assessing Investment Viability: Investors rely on financial analysis to evaluate the profitability and risks associated with potential investments. Through detailed scrutiny of financial data, investors can determine the financial health and growth prospects of a company, aiding in making informed investment decisions.
  3. Facilitating Lending Decisions: Financial institutions utilize financial analysis to assess the creditworthiness of loan applicants. By analyzing financial statements, evaluating ratios, and assessing the risk profile, lenders can ascertain the borrower’s ability to repay loans and make sound lending decisions.
  4. Supporting Strategic Decision-Making: Financial analysis aids in strategic decision-making, such as expansion, diversification, or mergers and acquisitions. Understanding a company’s financial position and performance provides a foundation for evaluating the feasibility and potential outcomes of such decisions.

CONCLUSION

Conducting a comprehensive financial analysis provides valuable insights into the economic landscape of a country. By evaluating indicators such as GDP, trade patterns, inflation rates, government debt, stock market performance, banking sector health, and regulatory environment, financial analysts can gauge the overall financial health, identify potential risks, and recommend strategies for sustainable economic growth. Accurate and timely financial analysis acts as a compass, guiding policymakers, investors, and businesses to make informed decisions and contribute to the overall prosperity of the nation.

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