Economy
SON, Manufacturers Intensify Efforts to Eliminate Sub-Standard Products
By Adedapo Adesanya
The Standards Organisation of Nigeria (SON) and the Manufacturers Association of Nigeria (MAN) have moved to strengthen existing collaboration to boost local production and eliminate substandard products in the nation.
Interacting in Lagos, the two organisations agreed that the step was necessary to check the influx of sub-standard and undesirable products into Nigeria.
The Director-General of SON, Mr Farouk Salim, said the agency’s management required MAN council members as critical stakeholders in all its efforts to promote Made-in-Nigeria goods.
Mr Salim emphasised the need for partnership in the nation’s quest for economic diversification from oil to a non-oil economy.
He said that what was required was the creation of an enabling environment and adherence to approved standard stipulations for businesses to thrive.
The DG said that going forward, SON would intensify its partnership with MAN to identify genuine local producers, saying that whatever existing benefits the association enjoys would be improved upon.
“Whatever existing benefits the association has with the standards body can only be improved.
“We have concessions that we give to MAN and this is one of the ways we encourage manufacturers to join MAN because they get the benefit of our concession and whatever certificate we get from MAN, we are going to honour it.
“For now, we have to collaborate first and come up with an agreeable solution.
“We have both discussed the challenges we face and we are going to collaborate to address these issues long-term,” he said.
According to him, the public sector relies on and respects the organised private sector as they are the real drivers of economic and industrial growth. So, both public and private sector stakeholders are partners in progress.
“We should, therefore, always remember that standard and quality products ensure large market-shares for our businesses and companies which in turn lead to high revenue-earnings, job opportunities and export promotion.
“So, work with SON, do the right thing, don’t cut corners, get your products properly registered and certified by SON,” he said.
Mr Salim also identified the need for MAN to patronise SON’s internationally accredited laboratories for products conformity assessment tests.
He said that any product that passes the test and analysis in these labs was good to go globally.
Enumerating the benefits of standard and quality products to the economy, Mr Salim maintained that such products led to healthy lives, safer environment, employment generation and industrial growth.
Also speaking, Mr Mansur Ahmed, the President of MAN, urged the government to always encourage, sustain and implement initiatives and policies that would engender industrial and economic growth.
Mr Ahmed appealed to the government to give consideration to the importation of some raw materials currently not in the country by classifying these items as essential raw materials and giving them the status of low tariff.
“Initiatives like the national strategy for Nigeria’s competitiveness in raw materials and products development, tariff reduction and annual window for MAN members to obtain SON’s certificate for importation of types of machinery, raw materials and tools, among others, should be sustained.
“In as much as MAN duly supports the backward integration programme of government, it is our sincere opinion that this meeting will take a critical look at some raw materials that are not presently produced in Nigeria,” he said.
Mr Ahmed reaffirmed the readiness of the association to partner SON to check the prevalence of fake and sub-standard products across the country, particularly imported goods.
By Adedapo Adesanya
The United Kingdom via the British High Commission in Abuja has launched two flagship economic reform programmes – the Nigeria Economic Stability & Transformation (NEST) programme and the Nigeria Public Finance Facility (NPFF) -as part of efforts to support Nigeria’s economic reform and growth agenda.
Backed by a £12.4 million UK investment, NEST and NPFF sit at the centre of the UK-Nigeria mutual growth partnership and support Nigeria’s efforts to strengthen macroeconomic stability, improve fiscal resilience, and create a more competitive environment for investment and private-sector growth.
Speaking at the launch, Cynthia Rowe, Head of Development Cooperation at the British High Commission in Abuja, said, “These two programmes sit at the heart of our economic development cooperation with Nigeria. They reflect a shared commitment to strengthening the fundamentals that matter most for our stability, confidence, and long-term growth.”
The launch followed the inaugural meeting of the Joint UK-Nigeria Steering Committee, which endorsed the approach of both programmes and confirmed strong alignment between the UK and Nigeria on priority areas for delivery.
Representing the Government of Nigeria, Special Adviser to the President of Nigeria on Finance and the Economy, Mrs Sanyade Okoli, welcomed the collaboration, touting it as crucial to current, critical reforms.
“We welcome the United Kingdom’s support through these new programmes as a strong demonstration of our shared commitment to Nigeria’s economic stability and long-term prosperity. At a time when we are implementing critical reforms to strengthen fiscal resilience, improve macroeconomic stability, and unlock inclusive growth, this partnership will provide valuable technical support. Together, we are laying the foundation for a more resilient economy that delivers sustainable development and improved livelihoods for all Nigerians.”
On his part, Mr Jonny Baxter, British Deputy High Commissioner in Lagos, highlighted the significance of the programmes within the wider UK-Nigeria mutual growth partnership.
“NEST and NPFF are central to our shared approach to strengthening the foundations that underpin long-term economic prosperity. They sit firmly within the UK-Nigeria mutual growth partnership.”
By Aduragbemi Omiyale
A strategic partnership aimed at accelerating the growth, digital capacity, and sustainability of Nigeria’s 40 million Micro, Small and Medium Enterprises (MSMEs) has been signed by MTN Nigeria and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
The collaboration will feature joint initiatives focused on digital inclusion, financial access, capacity building, and providing verified information for MSMEs.
With millions of small businesses depending on accurate guidance and easy-to-access support, MTN and SMEDAN say their shared platform will address gaps in communication, misinformation, and access to opportunities.
At the formal signing of the Memorandum of Understanding (MoU) on Thursday, November 27, 2025, in Lagos, the stage was set for the immediate roll-out of tools, content, and resources that will support MSMEs nationwide.
The chief operating officer of MTN Nigeria, Mr Ayham Moussa, reiterated the company’s commitment to supporting Nigeria’s economic development, stating that MSMEs are the lifeline of Nigeria’s economy.
“SMEs are the backbone of the economy and the backbone of employment in Nigeria. We are delighted to power SMEDAN’s platform and provide tools that help MSMEs reach customers, obtain funding, and access wider markets. This collaboration serves both our business and social development objectives,” he stated.
Also, the Chief Enterprise Business Officer of MTN Nigeria, Ms Lynda Saint-Nwafor, described the MoU as a tool to “meet SMEs at the point of their needs,” noting that nano, micro, small, and medium businesses each require different resources to scale.
“Some SMEs need guidance, some need resources; others need opportunities or workforce support. This platform allows them to access whatever they need. We are committed to identifying opportunities across financial inclusion, digital inclusion, and capacity building that help SMEs to scale,” she noted.
Also commenting, the Director General of SMEDAN, Mr Charles Odii, emphasised the significance of the collaboration, noting that the agency cannot meet its mandate without leveraging technology and private-sector expertise.
“We have approximately 40 million MSMEs in Nigeria, and only about 400 SMEDAN staff. We cannot fulfil our mandate without technology, data, and strong partners.
“MTN already has the infrastructure and tools to support MSMEs from payments to identity, hosting, learning, and more. With this partnership, we are confident we can achieve in a short time what would have taken years,” he disclosed.
Mr Odii highlighted that the SMEDAN-MTN collaboration would support businesses across their growth needs, guided by their four-point GROW model – Guidance, Resources, Opportunities, and Workforce Development.
He added that SMEDAN has already created over 100,000 jobs within its two-year administration and expects the partnership to significantly boost job creation, business expansion, and nationwide enterprise modernisation.
By Adedapo Adesanya
The Nigerian Exchange (NGX) Limited is seeking review of the controversial Capital Gains Tax increase, fearing it will chase away foreign investors from the country’s capital market.
Nigeria’s new tax regime, which takes effect from January 1, 2026, represents one of the most significant changes to Nigeria’s tax system in recent years.
Under the new rules, the flat 10 per cent Capital Gains Tax rate has been replaced by progressive income tax rates ranging from zero to 30 per cent, depending on an investor’s overall income or profit level while large corporate investors will see the top rate reduced to 25 per cent as part of a wider corporate tax reform.
The chief executive of NGX, Mr Jude Chiemeka, said in a Bloomberg interview in Kigali, Rwanda that there should be a “removal of the capital gains tax completely, or perhaps deferring it for five years.”
According to him, Nigeria, having a higher Capital Gains Tax, will make investors redirect asset allocation to frontier markets and “countries that have less tax.”
“From a capital flow perspective, we should be concerned because all these international portfolio managers that invest across frontier markets will certainly go to where the cost of investing is not so burdensome,” the CEO said, as per Bloomberg. “That is really the angle one will look at it from.”
Meanwhile, the policy has been defended by the chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, who noted that the new tax will make investing in the capital market more attractive by reducing risks, promoting fairness, and simplifying compliance.
He noted that the framework allows investors to deduct legitimate costs such as brokerage fees, regulatory charges, realised capital losses, margin interest, and foreign exchange losses directly tied to investments, thereby ensuring that they are not taxed when operating at a loss.
Mr Oyedele also said the reforms introduced a more inclusive approach to taxation by exempting several categories of investors and transactions.
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