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 Dipo Olowookere
The Nigerian Exchange (NGX) Limited rallied by 0.28 per cent on Wednesday despite weak investor sentiment, as the bourse ended with 18 price gainers and 38 price losers, implying a negative market breadth index.
The growth recorded yesterday by Customs Street was influenced by the 2.11 per cent rise posted by the energy index, and the 1.79 per cent jump achieved by the banking sector.
The other sectors experienced profit-taking, with the consumer goods losing 1.07 per cent, the insurance counter down by 0.36 per cent, and the industrial goods space down by 0.19 per cent.
Universal Insurance chalked up 10.00 per cent to sell for N1.21, Omatek improved by 9.78 per cent to N2.47, VFD Group expanded by 9.71 per cent to N11.30, CWG appreciated by 9.64 per cent to N21.05, and Livestock Feeds gained 9.56 per cent to close at N7.45.
On the flip side, UPDC REIT lost 10.00 per cent to settle at N6.75, Fortis Global Insurance shed 9.92 per cent to quote at N1.18, Deap Capital depreciated by 9.85 per cent to N5.40, Chams went down by 9.47 per cent to N3.06, and Japaul declined by 8.82 per cent to N3.10.
Yesterday, the All-Share Index (ASI) went up by 562.43 points to 202,585.53 points from 202,023.10 points, and the market capitalisation advanced by N389 billion to N130.404 trillion from N130.015 trillion.
During the session, 1.0 billion stocks worth N40.6 billion exchanged hands in 52,723 deals compared with the 1.1 billion stocks valued at N40.3 billion executed in 78,006 deals a day earlier, indicating an uptick in the trading value by 0.74 per cent, and a shortfall in the trading volume and number of deals by 9.09 per cent and 32.41 per cent apiece.
The activity chart was led by Access Holdings, which sold 233.0 million units valued at N6.1 billion, Fidelity Bank exchanged 113.1 million units worth N2.2 billion, Wema Bank recorded a turnover of 103.3 million units valued at N2.7 billion, Zenith Bank transacted 60.6 million units for N6.5 billion, and Chams traded 47.5 million units worth N154.6 million.
By Adedapo Adesanya
Crude oil plummeted on Wednesday on hopes of the reopening of the Strait of Hormuz after US President Donald Trump agreed to a two-week ceasefire with Iran.
Brent crude futures moderated to $94.75 a barrel, while the US West Texas Intermediate (WTI) crude eased to $94.41 a barrel.
President Trump said on Wednesday that the US will work closely with Iran and will be talking about tariff and sanctions relief with Iran.
However, analysts cautioned that the ceasefire is a temporary two-week reprieve rather than a permanent resolution, and the global energy system remains fragile due to structural damage to regional infrastructure.
Reuters reported that Iran could open the strait in a limited and controlled way on Thursday or Friday ahead of a meeting between U.S. and Iranian officials in Pakistan.
Agence France-Presse (AFP) reported that two ships appeared to have transited the Strait of Hormuz since the US-Iran ceasefire deal. A Greek-owned bulk carrier and a Liberia-flagged vessel both transited the waterway early on Wednesday.
Meanwhile, Israel carried out its heaviest strikes on Lebanon since the conflict with Hezbollah broke out last month, even as the Iran-aligned group paused attacks on northern Israel and Israeli troops in Lebanon under the ceasefire.
Also, Saudi Arabia’s East-West Pipeline, a critical artery bypassing the Strait of Hormuz, was reportedly hit in an Iranian drone attack. Prior to the attack, the pipeline was pumping at its emergency capacity of 7 million barrels per day to bypass the shuttered strait.
The strikes occurred just hours after a US-Iran ceasefire announcement, which has so far failed to halt regional hostilities. Other facilities in the kingdom were also targeted in the wave of strikes, which the Islamic Revolutionary Guard Corps (IRGC) claimed included oil facilities owned by American companies in Yanbu.
US crude stocks rose by 3.1 million barrels to 464.7 million barrels during the week ended April 3, the Energy Information Administration (EIA) said.
By Adedapo Adesanya
The National Insurance Commission has issued new guidelines for the collection, management, and administration of the Insurance Policyholders’ Protection Fund.
In a circular issued to all insurance institutions on Tuesday, the regulator also set May 31, 2026, as the deadline for insurers to submit their assessment returns for the 2025 financial year.
Recall that on August 5, 2025, President Bola Tinubu signed into law the Nigerian Insurance Industry Reform Act ( NIIRA 2025).
This landmark legislation repeals the Insurance Act 2003, and consolidates related provisions, ushering in a modern regulatory framework. It lays a strong foundation for sustainable growth and increased investment in the country’s insurance sector.
The commission said the guidelines were issued in exercise of its powers under the 2025 Act and other existing insurance laws and regulations to provide regulatory clarity, improve guidance, and ensure ease of compliance across the industry.
According to NAICOM, the guidelines establish a comprehensive structure for the operation of the IPPF, which serves as a statutory safety net to protect insurance policyholders in the event of distress or insolvency of a licensed insurer or reinsurer. The framework also provides direction on the reimbursement of loans by insurers and reinsurers.
NAICOM stated, “The guidelines ensure regulatory clarity, guidance and ease of compliance, as it provides a comprehensive regulatory framework for the collection, management, and administration of the Fund, which serves as a statutory safety net designed to protect insurance policyholders against distress and insolvency of a licensed insurer or reinsurer, including guidance for the reimbursement of loans by an insurer or reinsurer.
“Please be informed that the IPPF Assessment Returns in respect of the year 2025 shall be submitted to the Commission not later than 31st May 2026, while subsequent submissions shall be in line with Section 4.3 of the Guideline on Insurance Policyholders Protection Fund.”
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