InfoProvider &1 does not exist

What causes this issue?

InfoProvider &V1& is not available.
This may be an InfoObject (characteristic) that does not yet have an
InfoArea assigned to it. (In this case, the characteristic cannot yet
be used as an InfoProvider.)

System Response

There is not point in creating documents for this InfoProvider since
they cannot be displayed in reporting.

How to fix this error?

Choose an existing InfoProvider.

Procedure for System Administrators

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

Error message extract from SAP system. Copyright SAP SE.