News
Over 3.4bn People to Use Social Media by 2023
An estimated 3.43 billion people will be using social media networks By 2023, a figure representing 44% of the estimated 7.79 billion global population.
This is according to a report issued by BuyShares, which gathers data sourced from eMarketer, and provides information on global social media user numbers and app downloads, as of June 2020.
The report notes that in 2019, social network users stood at 2.95 billion, a growth of 6.11% from the 2018 figure of 2.78 billion. Next year, about 3.21 billion people will be using social networks, with this number forecast to grow to 3.32 billion in 2022.
Over the last decade, the lowest number of people on social network platforms was in 2010 at 0.97 billion, a growth of 217.52% by 2020 estimates, notes the report.
According to the report, Facebook-owned networks continue to dominate the industry. The social media giant owns four out of the top five most downloaded apps worldwide: WhatsApp, Facebook, Instagram and Messenger.
An overview of the top social networking app downloads in the Apple App Store and Android’s Google Play worldwide shows Facebook-owned networks are leading the pack.
WhatsApp Messenger has the highest downloads at 8.62 million on iOS and 116 million on Android, followed by Facebook with 6.86 million downloads on iOS and 1.1 billion downloads on Android.
Instagram recently struck the one billion downloads mark on the Google Play Store. Facebook Messenger follows with 6.79 million iOS downloads and 73 million downloads on Android.
In the last quarter of 2019, Facebook netted almost 2.9 billion downloads from phone users across all app stores globally, according to app intelligence monitor Sensor Tower.
With over 2.6 billion monthly active users, Facebook remains the biggest social network worldwide.
TikTok has thrived during the global pandemic, with Sensor Tower reporting that the social media platform has been downloaded more than two billion times globally.
The video-sharing app has also taken South Africa by storm. It was the biggest social media sensation of 2019, and is continuing its momentum in the youth market in 2020, according to the South African Social Media Landscape 2020 report, by World Wide Worx and Ornico.
Justinas Baltrusaitis, who compiled the BuyShares report, says in the coming years, various factors are set to influence the growth of social networks.
“In the last 10 years, the social network industry was largely based on alternating monopolies, underpinned by extraordinary growth. As highlighted, Facebook owns the majority of networks like Instagram and WhatsApp, which are popular among young people. However, there might be a shift considering that new platforms like TikTok are coming up targeting specifically young people.”
Globally, according to BuyShares, Chinese-based WeChat counts over 3.3 million downloads on iOS and 5.8 million on Android. This is followed by Telegram Messenger at 2.89 million downloads on iOS and 5.4 million on Android. As to chat platforms for gamers, Discord has 2.09 million downloads on iOS and 1.6 million on Android. Tencent-owned QQ has 1.63 million iOS downloads and 188 000 Android downloads.
With the social networks projected to keep growing, it will be interesting to know if the current networks will remain dominant. In the next decade, social networking sites might transform further to provide a fragmented assortment of platforms with increased niche communities meant for different demographics, notes BuyShares.
“New networks will emerge while old ones might fall or struggle to stay afloat. The evolution of smartphone technology will also offer new iterations on old ideas of social media. The growth of the smartphone industry has been rapid.
Smartphones have transcended their primary function and turned into a tiny computer, fundamentally used to interface with an increasingly cloud-based Internet. Social network companies will keep leveraging this capability,” according to Baltrusaitis.
Corporate Affairs Commission (CAC) has warned Nigerians against transacting with three fake Nigerian firms, citing fraudulent incorporation documents and registration numbers not issued by the commission.
According to the CAC, these companies are using fake certificates of incorporation with two different RC numbers each, none of which exist in the commission’s official records.
The affected companies are SPEF Cooperative Society Ltd with RC Numbers 1265884 and 512862, UPIL Staff Cooperative Society Ltd with RC Numbers 1265837 and 553220, and PREM Staff Cooperative Society Ltd with RC Numbers 1265844 and 545901.
The CAC warns that any Nigerian conducting business with these entities does so at their own risk.
“Anyone that transacts any business with the above-mentioned companies does so at their own risk,” the commission warned.
The commission further advised potential partners and investors to verify registration details directly through its official portal before signing contracts or making payments.
Similarly, the CAC, in a bid to enhance its services, introduced an AI-powered business registration platform on July 3, designed to streamline incorporations.
This new system offers instant name reservations, automated business-name suggestions, and same-day registration using a National Identification Number (NIN).
Additionally, the commission plans to review its service fees starting August 1, aiming to make its services more efficient and cost-effective.
The African Development Bank, in partnership with the International Labour Organization, has launched a transformative system to mainstream youth employment, skills development, and entrepreneurship across its investments.
The approach, called the Youth, Jobs and Skills Marker System, is aligned with the Bank’s latest Ten-Year Strategy, which places Africa’s young people at the center of development efforts to maximize the impact of every dollar invested, turning demographics into a dividend.
The Marker System ensures that Bank projects spanning diverse sectors, such as agriculture, transport, energy, water, and education, systematically incorporate components that enhance youth employability, foster entrepreneurship, and build market-relevant skills.
“The Youth, Jobs and Skills Marker System is about ensuring Africa’s young people have a real say and active role in building sustainable economies and creating jobs – not as passive recipients of youth programs,” said Dr. Beth Dunford, the Bank’s Vice President for Agriculture, Human and Social Development. “This transformation of Bank practices and systems is a step toward making sure our investments have a positive impact on Africa’s young women and men.”
The integrated system has three focus areas:
Youth: Supporting youth-led micro, small, and medium-sized enterprises through targeted investments and operational integration.
Skills: Expanding access to practical, market-driven training and apprenticeships to enhance career prospects.
Jobs: Ensuring Bank-funded projects create sustainable job opportunities, particularly by developing youth skills for employability and the promotion of youth-led businesses in priority value chains.
Each year, around 10 to 12 million young Africans enter the labor market, which offers only three million formal jobs annually. The Bank will prioritize youth entrepreneurship and mobilize private sector partnerships to strengthen industry-oriented skills training as well as job creation over the coming decade.
“[This initiative] is very important because it allows us to significantly contribute to the United Nations Sustainable Development Goal #8 that includes decent work for all,” said Peter van Rooij, Director of Multilateral Partnerships and Development Cooperation at the International Labour Organization. “It also allows the International Labour Organization to influence the Bank’s work, to support their lending that is more geared toward more job creation and better jobs in a sustainable way.”
The Youth, Jobs and Skills Marker System is modeled on the success of the Bank’s Gender Marker System and its online dashboard, which categorize Bank projects based on their contribution to gender equality and women’s empowerment.
Similarly, the new system will feature an online platform enabling Bank staff and consultants to access real-time data for preparing country strategy papers, mid-term reviews, annual reports, project supervision, and reporting on youth-related skills, businesses and jobs outcomes.
The Bank has just launched a pilot version of the Youth, Jobs and Skills Marker System in readiness for the full implementation in 2026. This system will enhance data tracking, improve estimates of youth skills attainment and employment, strengthen labor market information systems, and support policymakers in making evidence-based decisions that drive meaningful change.
The International Labour Organization provided technical support for the system’s development with financial support from the Bank’s Youth Entrepreneurship and Innovation Multi-Donor Trust Fund. The Youth, Jobs and Skills Marker System is the first deliberate action of its kind developed by a development finance institution worldwide.
The Securities and Exchange Commission has revealed plans to commence investigation into the activities of an entity operating under FF Tiffany, allegedly running a fraudulent investment scheme that has defrauded citizens.
A statement by the SEC on Tuesday in Abuja said preliminary information revealed that the scheme, which promised investors unusually high and unrealistic returns, had resulted in the loss of several billions of naira.
The SEC said it viewed the activity as a threat to investor confidence and the overall integrity of the financial system.
The commission assured the public that it was working closely with law enforcement agencies and other relevant bodies to bring everyone involved in the unlawful operation to justice.
According to SEC, those found culpable will be prosecuted in accordance with the Investment and Securities Act and regulatory provisions.
SEC reiterated its earlier warnings to the general public to desist from engaging in Ponzi or unregistered investment schemes that promised guaranteed or exaggerated returns.
“These schemes are not registered with the SEC and do not offer investor protection under the law.
“The commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation,” the SEC said.
The commission encouraged investors to conduct due diligence and verify the registration status of any investment firm or product by visiting the SEC website or contacting the commission directly through official channels.
SEC said it remained committed to its mandate of protecting investors, ensuring fair practices, and maintaining confidence in Nigeria’s capital market.
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