Economy
SON, Kano Govt. Target Middle East Market for Export
By Adedapo Adesanya
As part of efforts to boost non-oil exports, the Standards Organisation of Nigeria (SON) and the Kano State Government have agreed to work together to ensure ways of capturing the Middle East market with quality locally made goods.
The Governor of Kano State, Mr Abdullahi Ganduje, said this when he received the management of SON led by its Director-General, Mr Farouk Salim, at the Government House in Kano.
During the visit, both parties agreed to collaborate and provide the needed assistance for effective service delivery on quality locally made goods for exports.
Mr Ganduje stressed the need to strengthen SON to make the nation’s local industries to be competitive, saying that the Middle-East market is available for Nigeria’s export of quality products since she imports most of its food needs.
The Governor pointed out the need for economic managers to encourage SON, stating that the standards body remained vital towards the nation’s industrial and economic growth.
In his words: “There is no doubt that without standards, we all know how we would have fared in terms of being competitive in dealing with the international market, hence we need to deepen and widen the agency’s responsibilities to boost export of locally made goods.”
He added that recently, the federal government banned the importation of some food items in its bid to make Nigeria self-sufficient in food production, saying that this would attract both foreign and local investment to boost food production in Nigeria.
“Nigeria is trying to be self-sufficient and already the President, Muhammadu Buhari, has banned the importation of some food items and some countries are in trouble because we no longer import food items from them, so in order to feed ourselves well, we need standards, the right quality for the food that we eat and for export,” he said.
He expressed confidence in the director general’s ability to improve the agency’s services being provided locally and internationally.
“When we need to export we have to be competitive and in order to do that, we have to meet international standards. I believe your appointment will add more mileage to the agency’s efforts to achieve this feat.
“I believe you will raise the bar of the agency. I have heard all your request and there is no doubt that you need a befitting office and a laboratory in Kano State all we need now is a letter from your organisation telling us your specifications and requirements so that will direct the appropriate ministry to provide you this service.
“SON is vital to the nation’s development and we will continue to support you to achieve your mandate,” he assured.
On his part, the Director-General said the partnership would seek ways on how goods produced in the state and other parts of the country can be exported to the Middle-East market, saying that SON would not only improve its standardisation processes but establish laboratories to test locally and imported goods in the state.
“We want to ensure that goods produced here can be exported to the Middle East. We will not only improve our standards but also provide laboratories to test for standards because that way our goods are treated more efficiently so that they can go into the market without being compromised.
“We are partners with manufacturers and we will make sure we address their challenges,” he said.
According to him, one of the greatest challenges of manufacturers in the northern cities and states is that they have to cross the River Niger to get their goods certified, hence the need to set up laboratories to meet their product testing needs.
Mr Farouk added, “One of the biggest challenges most northern cities are having right now is that we have to cross the river Niger to get the food we eat certified and most times these goods are perishable goods that cannot travel long distances and for that reason, it will be too late to export them.”
By Adedapo Adesanya
Vert, a global cross-border payments platform, has announced a new solution under Verto Business Accounts that enables US-registered businesses to move money seamlessly between the United States and Africa.
With the ability to open a US Dollar account in their business name and have access to trusted emerging market payment rails, companies can now receive, hold, and transfer funds faster, more cost-effectively, and with greater control.
US-registered businesses with operations in Africa often encounter significant banking limitations, with US banks frequently delaying or blocking transactions to or from African markets, imposing high or hidden FX costs, and offering limited access to Emerging Market payment corridors. Businesses without a US bank account registered in their own name must rely on fragmented tools or intermediaries to move funds to Africa, creating operational inefficiencies and slowing growth.
Verto’s new solution directly addresses these challenges by giving US-domiciled businesses access to named USD accounts and a robust cross-border payment infrastructure, enabling them to move funds and settle transactions in local currencies with speed and efficiency.
Built for venture-backed startups, import-export SMEs, and investors funding emerging market innovation, this solution will enable clients to receive funds directly into a named USD business account from US based customers or investors, convert and settle between USD and local currencies such as NGN and KES quickly and at lower cost, as well as hold, receive, and pay in 48 currencies from a single dashboard.
The solution will also allow users to pay contractors, suppliers, and offshore teams instantly via local payment rails. It also equips teams with virtual cards to spend in 11 currencies without fees and leverage specialised onboarding and monitoring that navigates both US and African regulatory requirements
By combining US and African compliance expertise, Verto’s Business Accounts empowers companies to maintain a US domestic presence for investors, customers, and suppliers while using deep-liquidity rails to pay global contractors and settle trades in local currencies efficiently, ensuring uninterrupted trade, payroll, and investment flows, without the risk of blocked or delayed transactions.
“We believe founders building across borders should not be constrained by the limitations of traditional banking,” said Ola Oyetayo, CEO of Verto. “Providing named accounts in the US empowers businesses with the funds they need to operate globally, connecting the US and Africa more efficiently without friction.”
With over 8 years of experience and $25 billion in annual global cross-border transaction volume, Verto continues to provide the infrastructure, expertise, and trusted payment rails businesses need to operate confidently across borders and scale globally.
By Adedapo Adesanya
The Presidential Enabling Business Environment Council (PEBEC) has directed Ministries, Departments, and Agencies (MDAs) to suspend the introduction of new policies and regulatory changes to prevent disruptions to businesses.
The directive was issued in a statement by PEBEC director-general, Mrs Zahrah Mustapha-Audu, on Monday in Abuja, noting that the move is part of the Federal Government’s broader effort to improve regulatory quality, ensure policy consistency, and strengthen Nigeria’s ease of doing business environment.
The council emphasised that the suspension will remain in place until all MDAs fully comply with the Regulatory Impact Analysis (RIA) Framework, which governs evidence-based policymaking across government institutions.
The council said the directive is aimed at ensuring that all government policies are backed by verifiable data and do not negatively impact businesses or investors.
“It is imperative to emphasise that no new reform or policy will be permitted to proceed without being grounded in clear, verifiable evidence,” said Mrs Mustapha-Audu.
“The framework provides the structured mechanism through which such evidence-based decisions can be rigorously developed, assessed, and validated.
“This directive is necessary to prevent policy shocks that may adversely affect businesses, investors, and citizens, as well as to eliminate policy inconsistencies and frequent reversals.”
She added that the government remains committed to working collaboratively with regulators and does not intend to embarrass any institution.
The Regulatory Impact Analysis (RIA) Framework, introduced in January 2025, is designed to improve transparency and ensure that policies undergo proper evaluation before implementation.
All MDAs are required to align new policies and amendments with the RIA framework before approval and rollout.
The framework has been circulated by the Office of the Secretary to the Government of the Federation (SGF) and is available on the PEBEC website.
MDAs are encouraged to seek technical support from the PEBEC Secretariat to ensure proper implementation.
Exceptions to the directive will only be granted in cases of urgent national interest, subject to appropriate approvals.
PEBEC noted that the framework will help institutionalise evidence-based policymaking, enhance transparency, and improve stakeholder confidence in government decisions.
By Aduragbemi Omiyale
Subscription for the Federal Government of Nigeria (FGN) savings bonds for April 2026 has opened, a circular from the Debt Management Office (DMO) on Tuesday, April 7, 2026, confirmed.
The debt office is selling the retail debt instrument for this month in two tenors of two years and three years.
Offer for the savings bonds opened today and will close on Friday, April 10, 2026, a part of the disclosure stated.
The 2-year FGN savings bond due April 15, 2028, is being sold at a coupon rate of 13.082 per cent per annum, while the 3-year FGN savings bond due April 15, 2029, is being sold at a coupon rate of 14.082 per cent per annum.
The interests are paid every quarter, and the bullet repayment to subscribers on the maturity date.
The bonds are sold at N1,000 per unit, subject to a minimum subscription of N5,000 and in multiples of N1,000 thereafter, subject to a maximum subscription of N50 million.
Interested investors are required to reach out to the stockbroking firms appointed as distribution agents by the DMO via the agency’s website.
An FGN savings bond qualifies as securities in which trustees can invest under the Trustee Investment Act. It also qualifies as government securities within the meaning of the Company Income Tax Act (CITA) and the Personal Income Tax Act (PITA) for tax exemption for pension funds, amongst other investors, meaning it is tax-free.
It can be used as a liquid asset for liquidity ratio calculation for banks, and is listed on the Nigerian Exchange (NGX) Limited to allow for easy exit (liquidation) before maturity by selling at the secondary market.
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