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
After Multichoice lost 243k subscribers, More customers threaten to leave
After Multichoice lost 243k subscribers, More customers threaten to leave
Multichoice Group, an African pay-TV operator, on Tuesday, announced that its Nigerian subsidiary lost 243,000 subscribers on its Digital Satellite Television (DStv) and General Entertainment on Television (GOtv) services between April and September 2024.
The company revealed these figures in its Interim Financial Results for the period ending 30 September 2024.
MultiChoice attributed this decline to Nigeria’s high inflation rate, which exceeds 30%, driven by the rising costs of food, electricity, and fuel, causing many customers to disconnect.
In its financial report for March 2024, MultiChoice had earlier reported an 18% subscriber loss in Nigeria.
The company further reported a 566,000-subscriber loss in the Rest of Africa (RoA) operations over the past six months, with Zambia and Nigeria contributing the largest shares to this decline.
“The group’s linear subscriber base declined by 11% or 1.8m subscribers YoY to 14.9m active subscribers at 30 September 2024.
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“The loss in the Rest of Africa has been primarily due to the significant consumer pressure in Nigeria, where inflation has remained above 30% for the majority of the last 12 months and, more recently, due to extreme power disruptions in Zambia.
“Of this decline, 298k related to Zambia and 243k related to Nigeria, with remaining markets on the continent reflecting only a minor decline of 25k,” It said.
Meanwhile more customers in Nigeria have threatened to switch allegiance.
While reacting to the story on a WhatsApp platform, a subscriber said: “They will lose more because I’ll soon leave them too.”
On X, @AGUNviews wrote: “They will lose more subscribers”
@Jaheim007: “The numbers are about to triple.”
@skyedron commented: “All anyone needs to acquire is the internet and a few clicks. Multi choice my foot.”
@ribaduabubakar2: “I subscribed to another platform and simply ignored them. They kept increasing the price as if someone would die without them. I am willing to give out my decoder and dish for free.”
@AbelFidelis4: “This is just the beginning. I stopped using DStv in 2022.”
@NdubuisiNC: “The downfall of this company in Nigeria will be televised and will be sweet to me. A company this big can’t improvise on their content?. Nigerians have cried for years about how boring it is, only football channels are what’s keeping most of us.”
@Ekoh4Ekoh: “They should be ready to lose more customers and it is good for them. They have to reduce their monthly subscription and make it pay as you go.”
@cashoggy: “They will still lose more subscribers. Internet and smart TV has rendered Dstv unattractive with their rate. Imagine paying 25,700 for a premium subscription when you can surf the Internet and watch all the programs for less.”
@rilwan_ola01: “They will suffer even greater losses.”
After Multichoice lost 243k subscribers, More customers threaten to leave
Business
XGT Smart Consults unveils renewable energy, others power solutions
XGT Smart Consults unveils renewable energy, others power solutions
XGT Smart Consults, a power solution firm, says it is ready to deliver renewable energy and other long-lasting energy solutions that will address the power challenges causing huge economic losses and discomfort.
The firm also says it has signed an agreement with an India-based company, ADM-Orient Solar Power, to achieve its goals.
This is contained in a statement by the XGT, revealing a holistic approach to energy provision.
It stated, “XGT Smart Consults is thrilled to announce a strategic partnership with ADM-Orient Solar Power (India) aimed at addressing one of Nigeria’s most critical issues – reliable power solutions.”
It stated that its target is to provide Nigeria with solutions to overcome the frequent power outages by empowering homes and businesses with reliable, renewable, and affordable power.
This, it said, would be achieved in conjunction with its partners through renewable energy systems, advanced electrical services, independent power production (IPP) solutions, portable natural gas generators, automation services, and the rental and leasing of CNG tube skids.
Managing Director of XGT Smart Consults Limited, Olu Harrison, said, “The objective is to provide reliable cost-effective and environmentally friendly energy to households and businesses throughout Nigeria.
“Understanding the intricacies of the energy crisis, XGT employs a holistic approach that integrates renewable energy solutions, independent power generation, and innovative technologies tailored to the specific requirements of Nigerian consumers.
“Our goal is to empower every Nigerian household and business by revolutionizing the production, distribution, and consumption of energy.”
According the statement, XGT specifically specializes in providing innovative renewable energy solutions designed to meet the unique climate and energy needs of Nigeria.
“Our wide ranges of solar and sustainable energy systems are suitable for individual homes, corporate settings, and community projects.
“By harnessing the power of renewable energy, XGT offers environmentally friendly alternatives that reduce reliance on the national grid and significantly cut energy costs,” it added.
The company’s Executive Director Toluwase Oni, gave more insights into the IPP for businesses, industries and communities/estates.
“XGT’s IPP solutions provide a solution to the urgent need for self-sufficient power generation, particularly in industrial and commercial sectors where power reliability significantly affects productivity and revenue.
“By establishing a network of captive/ localized, independent power systems, XGT Power-IPP empowers Industries, businesses and communities/estate to take control of their energy needs,” he stated.
Apart from the renewable energy sources, the firm said it offers a range of portable natural gas generators providing a flexible energy solution for areas with limited grid connectivity or for users in need of extra backup during power outages.
“These generators are designed with user-friendly features and portability in mind, enabling users to power essential operations without depending on traditional, often unreliable, grid infrastructure,” it added.
“In conjunction with these generators, XGT specializes in automation systems that optimize energy management to improve efficiency, reduce waste, and streamline operations.
“Automated controls enable businesses to remotely monitor and adjust energy usage, ensuring that energy is utilized intelligently and cost-effectively.”
As part of its services, it disclosed that the company offers rental and lease services for compressed natural gas (CNG) tube skids to interested industries in recognition of the increasing demand for CNG as a cleaner alternative to traditional fuels.
Business
Naira: Confidence in Nigeria’s economy drops, says CBN report
Naira: Confidence in Nigeria’s economy drops, says CBN report
Following continued depreciation in the value of naira, many businesses and their operators have lost confidence in the Nigeria’s economy.
Indeed, a survey by the Central Bank of Nigeria (CBN) showed the Overall Confidence Index falling by 3.2 index points to 14.5 from 17.7 index points.
This was the highlight of the Business Expectation Survey, BES of the Central Bank of Nigeria, CBN, for October which also showed decline in the Overall Confidence Index, OCI, for the current month, next month and the next six months.
According to the CBN the OCI for the current month, next month and the next six months fell to 1.4, 4.8, and 21.8 index points in the October BES from 3.2, 6.2 and 29 index points in the September BES.
The survey also indicates that the decline in confidence in the economy is being driven by firms’ expectation of further depreciation of the naira before the end of the year.
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The CBN said: “The overall confidence index (CI) on the macroeconomy indicates that businesses were optimistic in October 2024.
“Respondent firms expect the naira to depreciate in the current month, next month and next 3 months. However, they expect appreciation in the next 6 months.
“Top six business constraints high interest rate, insecurity, high/multiple taxes, inadequate power supply, unfavorable economic climate, financial problems.
“The optimism on business outlook in the current month is driven by the opinion of respondents from all the Sectors except the Industry Sector.
“Most Sectors expressed optimism on their own operation in the review month. The outlook of respondents on the Volume of Business Activities, the Volume of Total Order, Financial Conditions, and Access to Credit were all positive in the review month.
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