Business
Compliance to standards will make Nigerian products globally competitive – SON
The Standards Organisation of Nigeria (SON) has said locally produced goods must adhere strictly to standards to be competitive globally.
The Director General of SON, Malam Farouk Salim, stated this at the flagging off of a campaign tagged “Standardisation; Panacea for economic growth” in Enugu. (When?).
The SON boss said that adhering strictly to standardisation and quality assurance would make Nigerian products and services more acceptable at the international market.
Salim, represented by the SON Director South-East Operations, Mr Fred Akingbesote, said when all products and services conformed to standards, the country and her people would benefit tremendously from it.
He explained that there was standard for every product or service, adding that upholding standardisation even in service industry of hospitality, tourism and hotel would create international markets and patronage for such services.
The SON boss said standardisation would also lead to cost reduction, less effort on production, strengthen brands and make it convenient and easy for customers to recognise and pick quality products and services.
“If you see any product with SONCAP certification logo, rest assured that you have got a product with quality and satisfaction guaranteed.
“It provides a company with a competitive edge in the market. “Manufacturers and service providers need to ensure that their products and services meet the right specifications and deliver on their customers’ expectations.
“When a company assesses its products and services in accordance with relevant standards, this helps the company to adapt to the latest market trends regarding quality.
“And avoid the costs related to product returns, buyer complaints, and loss of goodwill in local, regional, and international markets,” the SON DG said.
Earlier, the Senior Special Assistant (SSA) to the SON DG, Chief Duru Emeka, who doubles as coordinator of the sensitisation, said it was part of the agency efforts to take culture of standardisation to the grassroots.
“Once the people in rural areas imbibed standardisation as a way of life, the fight against influx of substandard products is almost won.
“We need collaborative efforts to tackle the menace,” he said.
Duru said that Nigerian products were produced in line with international best practices and enjoy global competitiveness in line with the organisation’s quality infrastructure strategy under the able leadership of Mallam Farouk Salim.
“This will reduce the rejection of some of our products at export market, increase industrialisation and wealth creation,” Duru said
Duru subsequently urged the participants to consider the sensitisation workshop as an opportunity to broaden their scope saying, Enugu is the first to benefit from this particular sensitisation series.
He charged stakeholders to remain committed and focused on ensuring standardisation at all times.
The stakeholders in the manufacturing, consumption, service and allied businesses commended SON for the workshop.
The stakeholders also urged the organisation to extend its services to the grassroots.
They were of the view that once the message of standardisation is achieved even at the local communities, it would in turn have a positive socio-economic effect on the country in general.
Permanent Secretary, Enugu State Ministry of Commerce and Industry, Dr Godwin Anigbo, urged SON to extend its services to the grassroots by creating more awareness on standardisation of products and services.
“We need robust engagement with the people at the grassroots in the local areas to enable them know how they can attain and maintain internationally acceptable standard for any endeavour they engage in.
“Once majority of our local people start doing the right things and getting it right; our products and services will be the best internationally and the country will be better for it,” Anigbo said.
Mr Felix Odoh, Deputy Director of National Orientation Agency (NOA) in Enugu State, said that SON could leverage the spread of NOA officials scattered in the 774 council areas to reach Nigerians even in their localities.
“This sensitisation and enlightenment should go beyond here and get more Nigerians, especially the people at the grassroots to know the standard for all they produce at their localities,” Odoh said.
A consumer, Mrs Vivian Offor, said that the sensitisation would make more meaning if those at the local areas, whose extract raw materials add value to them could achieve quality standardisation.
“Something as simple as palm oil should be produced to standard with good packing to ensure better value and more gain for the ordinary Nigerians that engage in such endeavours,” Offor said.
Managing Director of Enugu State Investment Development Authority, Dr Sam Ogbu-Nwobodo, had earlier lauded SON for its consistence on its engagement of Nigerians to do the right thing and reposition the country’s economy.
“The issue of standardisation is important and it will be helpful to everybody and we must key into it.
”This is the only way to ensure we grow our economy and ensure conformity of our products and services,” Ogbu-Nwobodo said.
An Enugu-based manufacturer, Sir Eric Chime, noted that manufacturers and SON were both partners in progress, adding that SON had continued to ensure Nigerian products met international standard and acceptability.
“Apart from meeting international conformity and acceptability, standardisation also help the consumer not to be short-changed and quality guaranteed at all time.
“Standardisation also leads to better profit and international market opening for the manufactured products,” said Chime, who is the Chief Executive Officer of RICO Group of Companies manufacturers of petro-chemical products, said.
Mrs Ijeoma Ezeazor, representative of the President, Manufacturers Association of Nigeria (MAN), Ahmed Mansur and Chairman, Anambra, Ebonyi and Enugu States of MAN, made a presentation on “Expanding Products Market Share via Standards”.
She urged the Federal Government to support in the fight against substandard products.
She noted that the menace was detrimental to the government efforts to industrial growth.
“ Our products can’t compete favorably with the low cheap products from some countries.
“We are in partnership with SON to address the problem,” she said.
Other SON officials also made presentations on MANCAP and Certification; SONCAP and Registration as well as Import and Export Requirements and “Driving Industrialisation with Quality Products”.
The sensitisation also witnessed question and answer sessions as well as goodwill messages from the Nigeria Immigration Service; National Drug Law Enforcement Agency and Nigeria Security and Civil Defense Corps among others.
Business
Naira exchanges N1,650/$ in parallel market
Naira exchanges N1,650/$ in parallel market
Yesterday, the Naira appreciated N1,650 per dollar in the parallel market, compared to N1,655 on Monday.
Similarly, the Naira appreciated to N1,535 per dollar in the official foreign exchange market.
Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for the Nigerian Foreign Exchange Market (NFEM) fell to N1,535 per dollar from N1,537 per dollar on Monday, indicating N2 appreciation for the naira.
READ ALSO:
- Tension as Anambra community union asks monarch to stop Ofala Festival
- Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation
- Lagos govt clears traders from rail tracks at Bolade, Oshodi
Consequently, the margin between the parallel market and NFEM rate narrowed to N115 per dollar from N118 per dollar on Monday.
Naira exchanges N1,650/$ in parallel market
Business
Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation
Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation
The exchange rate between the naira and the dollar ended the year at N1,535/$1 representing a 40.9% depreciation for 2024.
The official exchange rate between the naira and dollar closed in 2023 at N907.11/$1 thus depreciating by 40.9% for the year which compares to a 49.1% devaluation at the end of 2023.
READ ALSO:
- Lagos govt clears traders from rail tracks at Bolade, Oshodi
- Four countries that won’t celebrate New Year
- Social media abuzz over Fayose claim of N50m donation to VeryDarkMan’s NGO
Nigeria introduced several foreign exchange policies in 2024 as the central bank expanded on market-friendly forex policies to attract foreign investors.
Meanwhile, on the parallel market where the exchange rate is sold unofficially, the naira exchanged for N1,660 to the dollar when compared to N1,215/$ according to Nairametrics tracking records. This represents a 26.8% depreciation.
Exchange rate ends 2024 at N1,535/$1, marking a 40.9% depreciation
Business
Warri refinery: Marketers hopeful of further petrol price drop
Warri refinery: Marketers hopeful of further petrol price drop
There was excitement on Monday as the Warri Refining and Petrochemical Company (WRPC) commenced partial production.
This is coming after nearly a decade of dormancy as the 125,000 barrels per day refinery was confirmed to be working at 60 per cent capacity, according to the Nigerian National Petroleum Company Limited (NNPCL).
The refinery, inactive since 2015 due to prolonged repairs, reportedly began refining activities last Saturday at its Area 1 plant, where crude oil was successfully pumped into the system.
This was coming about a month after the commencement of operations at the 60,000-barrel-per-day-old Port Harcourt Refinery.
The NNPCL Group Chief Executive Officer, Mele Kyari, announced the resumption of operation at the Warri Refinery during a tour of the facility on Monday.
Kyari was seen in a video posted by Channels TV addressing a tour team, which included the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed.
READ ALSO:
- Catholic priest sentenced to 11 years for criticising his president
- Warri refinery now operational, doing 125,000bpd – NNPCL boss
- Kwankwaso says no power-sharing agreement with Atiku, Obi
Earlier, Kyari explained that the inspection aimed to show Nigerians the level of work completed so far.
He said though the repairs on the facility were not 100 per cent complete, operations had commenced.
He said, “We are taking you through our plant. This plant is running. Although it is not 100 per cent complete, we are still in the process. Many people think these things are not real. They think real things are not possible in this country. We want you to see that this is real.”
With the addition of Warri Refinery, Nigeria’s refining capacity has further increased with marketers anticipating a further reduction in price of premium motor spirit (PMS).
The 650,000-barrel Dangote Refinery has commenced production in addition to the Port Harcourt Refinery with a total capacity of 210,000 barrels per day (bpd) comprising 60,000 bpd for the old plant and 150,000 bpd for the new plant.
It’s good for business, prices may reduce – Marketers
Major Energy Marketers’ Association of Nigeria (MEMAN) and the Independent Marketers Association of Nigeria (IPMAN) welcomed the revival of the Warri refinery, saying it would deepen competition, diversify supply and ultimately resort to price reduction.
Executive Secretary of MEMAN, Clem Isong in a chat with our correspondent stated that the Warri Refinery is the shortest route to the North, describing its revival as good news.
“The market becomes more competitive and we are diversifying supply,” he said.
On whether it would lead to price reduction, he stated, “There are many factors that affect price, competition is always good and you can always get your product at the best price.”
National Public Relations Officer of IPMAN, Alhaji Olanrewaju Okanlawon in a chat with our correspondent said, “If there is excess supply, it will keep bringing down the price. We now run a free market and it is about demand and supply. It will continue bringing down the price. It will decongest Lagos.”
Energy expert, Dr. Ayodele Oni said the resumption of Warri Refinery would boost the local refining capacity in addition to enabling the country to sell to other neighbouring countries.
“We can refine more and even have some to sell. We now stop being hewers of wood and drawers of water. We add value to what we produce and can make/ do more with our base resources. This is very pleasant news,” he said.
Warri refinery: Marketers hopeful of further petrol price drop
-
Politics3 days ago
Gbajabiamila speaks on his rumoured Lagos governorship ambition
-
metro2 days ago
Farotimi to pursue disbarment over arrest, defamation allegations
-
Business2 days ago
Real reason Dangote, NNPC drop petrol price — IPMAN
-
Health2 days ago
ABU Teaching Hospital will begin kidney transplant in 2025 – CMD
-
Sports24 hours ago
Anthony Joshua prostrates before Governor Abiodun during Ogun visit
-
metro3 days ago
El-Rufai accuses Tinubu govt of Yoruba agenda, Reno Omokri reacts
-
metro2 days ago
Nigerian govt urged to intervene in Mozambique post-election violence
-
metro3 days ago
Adeleke presents staff of office to new Owa-Obokun amid protest