Osun SME

Bank of Industry: Osun Government Partners to Train 2000+ Youths

by with No Comment BusinessNews

In a bid to further cushion the effect of COVID-19 and provide jobs in the country, the Osun State Government and Bank of Industry have trained over 2,000 youths on entrepreneurship.

READ ALSO: Inflation Expected to Spike Further

The programme is tagged: the Post COVID-19 Economic Strategy Training.

The Governor of Osun State, Adegboyega Oyetola, who presented certificates to the first batch of the participants of the programme at the Multi-purpose Hall, Local Government Service Commission, Abere, Osogbo, acknowledged the support of the Bank of Industry in providing jobs for the youths.

According to the Governor, the Skills Upgrade and Entrepreneurship Training Programme was designed to generate 15,000 direct and indirect sustainable job opportunities annually.

He noted that the programme was designed to provide participants who were adversely affected by the COVID-19 pandemic with skills upgrade training to make them relevant in the changing economic landscape. The aftermath of the COVID-19 pandemic.

“Under the Skills Upgrade Training Programme, we were able to re-focus, re-engineer and expand the scope, knowledge and relevance of artisans and people who lost their jobs to make them relevant under the new normal orchestrated by COVID-19.”

The Executive Director, Micro Enterprise, Bank of Industry, Mrs Toyin Adeniji, commended the administration of Governor Oyetola for building a virile and healthy economy for the Osun State.

Mrs Adeniji, while expressing satisfaction with the timely and prompt cooperation and support received from the government, promised BOI’s continued support to the Osun state in its relentless efforts to grow her economy.

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Manufacturing A N

Manufacturers Association of Nigeria (MAN) urges CBN to improve credit access for manufacturers

by with No Comment BusinessNews

The Manufacturers Association of Nigeria (MAN) has called on the Central Bank of Nigeria (CBN), to help improve credit accessibility for Nigerian manufacturers especially for intervention funds, as poor access to funds constrain the productivity and general operations of the sector.

READ ALSO: WEEK AHEAD: More of same for naira, Bitcoin rally to continue

MAN affirmed that despite the roll out of various intervention funds, manufacturers still cannot access loans due to challenges around the high interest rate and requirements made available by Participating Financial Institutions (PFIs) like commercial and developmental banks who manage the funds and other banks like the Multilateral Development Bank (MDB).

In a communiqué made available to BusinessDay signed by Segun Ajayi-Kadir, director general of MAN, “The Central Bank of Nigeria (CBN) created several development funding windows with ‘single digit’ interest rates to support real productive businesses including manufacturing,

However, notwithstanding the availability of these funding windows, manufacturers still suffer the dual challenges of scarcity of investible funds and high lending rate.”

Manufacturers Association of Nigeria (MAN), noted that to access the N1 trillion COVID-19 stimulus for manufacturing required a working capital of N2 billion per obligator, with a refinancing facility N15 billion per obligator.

In addition to this, the loans have an interest rate of five percent which will revert to nine percent by February 2021, and cannot exceed N10 billion and is being managed by PFIs who prevaricate access.

“Generally, Manufacturers Association of Nigeria (MAN) observed through feedbacks from members and interaction with the CBN on several occasions that these facilities and funds have not been adequately accessible to manufacturers due mainly to the prevarication of the PFIs and MDBs.

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NASD

NASD OTC Market CAP Increased By 0.50% WoW to Close at N502.82bn

by with No Comment BusinessNews

The 8th of March 2021 was the International women’s day, a day set to create awareness to people around the world for our collective effort to curb and combat gender bias and discrimination in all spheres of life while also promoting gender equality.

READ ALSO: Ecobank Reiterates Its Commitment As “The Partner Of Choice For Export Trade”

NASD understands the value women bring in every position they find themselves and we understand that there are studies which show a proven track record in companies that adopt healthy diversity.

In that same breadth, we at NASD decided to show appreciation not just to the women performing excellently amongst us but also to women all over the world, shattering glass, ceilings and breaking barriers set to slow or stop them.

We reached out to women in various fields to share their stories on how they have consistently stood tall, broken records and achieved great feats in their careers. These women are:

1.         Elizabeth Ebi, CEO FutureView group.

2.         Peju Adebajo, CEO Lumos Nigeria.

3.         Afolake Lawal, Founder and Managing Partner, Imperial Law Office.

4.         Monica Rovers, CEO Connect Corporation.

5.         Oby Ogbuma, Managing Director and Chief Risk Officer, Chapel Hill Denham.

6.         Toki Mabogunje, President, Lagos Chamber of Commerce, and Industry.

7.         Vivien Shobo, CEO, FVS Advisory Partners.

It was an interesting conversation we had with each of them and as much as we would encourage you to check our LinkedIn page to watch each video, we would also like to share a few things we learnt from them.

A key point which was stressed for women to stand out in their various field, is to believe in herself first, when that is done, she should also make conscious effort to update her knowledge in her profession and that alone will bring immense confidence when working or engaging with anyone.

Furthermore, the importance of speaking out and letting people know what she can do, while also networking but having a thick skin to handle any situation was also stressed upon.

One thing which we particularly love was the statement made to always seek out new challenges and seize every opportunity, rejecting, and challenging any stats quo that prevents her to grow and to keep pushing when she hits a brick wall.

Additionally, we noticed a common trend they all spoke about which was how important it is to treat people with respect because we all are in different phases and seasons of our life, hence, we should not be envious, look/talk down on anyone.

In conclusion, the importance of having a great support system in form of family, friends or spouse was also noted among the speakers.

We urge you to not just feel celebrating women as a seasonal event. They are the backbone of the world and deserve every respect, love, and support they can get. We thank you as you continue to celebrate every woman you come across as they are beautiful, strong, powerful, talented, resilient and an essential contributor in the development of the world.

Year-to-Date Overview

NASD OTC Securities Exchange Market closed on a negative note YTD as the market recorded a decrease in performance. NASD Security Index Year to date returns decreased by 5.51%. Total volume traded Year-to-Date stands at 35,031,112 units in 300 deals and total Value traded is N711,788,206.00.

Proshare Nigeria Pvt. Ltd.

NASD OTC Market CAP Increased By 0.50% WoW to Close at N502.82bn

Week 10 Overview

NASD OTC Securities Exchange closed the week with a positive return on NSI. The NSI returned  by 0.50% to close the week at 700.8 points against 697.3 points on Friday, March 05, 2021.

In addition, Week 10 saw NASD Investors gain N2.50 Billion in value. NASD OTC Market capitalization closed at N502.82 Billion compared to N500.32 Billion on Friday, March 05, 2021, resulting from a Positive movement of prices.

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Export Trade

Ecobank Reiterates Its Commitment As “The Partner Of Choice For Export Trade”

by with No Comment BusinessNews

Ecobank has reiterated that it remains the partner of choice in Africa for export trade because of its unique positioning, wide network, pan African payment switch, settlement capabilities, award winning digital products and strategic focus.

READ ALSO: Nigeria’s 2021 Oil Market Playbook: Eyeballing Opportunities and Mitigating Threats

Kola Adeleke, Executive Director, Corporate Banking, Ecobank Nigeria made this assertion while speaking on African Continental Free Trade Area (AfCFTA) strategy, opportunities, challenges in export and trade at Ecobank/Nigerian Export Import Bank (NEXIM) webinar for exporters on Thursday.

READ ALSO: AFCFTA: DBN gives first tranche of N1 billion MSMEs fund to LivingTrust Mortgage Bank

He maintained that the pan African bank has structures in place to enable exporters exploit the opportunities in The African Continental Free Trade Area (AfCFTA).

According to him, “Our unique positioning in 33 African countries enables us leverage our extensive network to reduce the number of financial partners and relationships in executing trade.

We own the switch connecting countries where we operate across Africa. This centralized switch enables easy integration. We possess knowledge of the local markets in which we operate resulting in unparallel financial advisory. 

We offer real-time settlement across Africa and our customers enjoy instant transfers across 33 African countries.

Ecobank has a reputation for developing innovative products as the bank has won us several international, regional and local awards and we aspire to be the gateway to pan-African payments and trade.”

Mr Adeleke reaffirmed that Nigeria is poised to gain from the investment and trade opportunities that the AfCFTA will inevitably bring because of its market size, supply chain infrastructure and an abundant supply of professionals/skilled players in various industries.

He emphasized that businesses must strategically position themselves, endeavour to understand the dynamics of the ratification to be able to maximize the benefit and opportunities.

Adeleke, who regretted that export potentials in Nigeria is largely untapped due to focus on oil revenues, reiterated that real sector credit opportunities to utilizing the AfCFTA includes Export development financing, trade finance, Export development financing and SME financing.

In his presentation on Export Trade Insurance, Bashar Garba Illo, Acting Head, Export Credit Insurance, NEXIM, said the Export Credit Insurance (ECI) is designed to protect exporters in Nigeria against the risk of Non-Payment for goods and services exported on credit terms with a cover against Political Risk, stressing that the objective of ECI is to indemnify both Internal and External exporting customers from losses incurred from any payment default that could arise from political events in the export destination country by providing cover up to 80% of the value of receivables, subject to the Risk Asset Acceptance Criteria (RAAC) outlined for Political Risk. He explained that the Bank’s mandate is to support non-oil export sector of Manufacturing, Agro-processing, Solid Mineral and Services.

Also at the session was Chijioke Uzoukwu, Head of Trade, Ecobank Nigeria, who listed  the Ecobank products and services on offer to support Export Trade as comprising letters of credit, bonds, guarantees as well as bills for collections avalization. He said  “the Bank also provides loans for business such as import loans, export loans and supply chain finance. In the trade service, we support customers from initiation to execution in the areas of documentation and compliance, working with regulatory bodies and other stakeholders. We also offer trade advisory solution like market information across Africa, trade specialist support and after sales services. We have an electronic e-trade platform which provides an electronic frontend where the customers can initiate transactions and instruction from the comfort of their home and it will be delivered to the Bank. We also have various collection channels to optimize collections for business like in-branch products, Mobile App, POS, Web/ Online collection platforms, Ecobank Pay, Omniplus and Omni lite. The Omni plus has the capability to allow you to make bulk payments and also view your accounts with other banks in a single platform.”

Oil Market

Nigeria’s 2021 Oil Market Playbook: Eyeballing Opportunities and Mitigating Threats

by with No Comment BusinessNews

Global oil market playbooks are changing as countries look out for their interests in the glacial movement of oil prices and the market’s recent choppiness. India, for example, recently announced its decision to diversify its oil import markets as it angles towards lower average energy prices.

READ MORE: AFCFTA: DBN gives first tranche of N1 billion MSMEs fund to LivingTrust Mortgage Bank

The gambit sees the country looking to extend imports beyond its traditional trade partners of the United States of America (USA) and Guyana.  

The India market shift, analysts note, could set the tone for more aggressive supply chain competition amongst non-traditional suppliers of oil to India who would find the country a fine game for offering ‘sweeteners’ to take a piece of the Asian oil and gas market. How would the tactic pan out for prospective suppliers? the possible outcomes are mixed depending on the existing relationships between India and the new supplier and the type of oil produced in the prospective country of supply. For example, Indian industries prefer heavier oil to the lighter oil brands that come from countries such as Nigeria and Angola. This would mean that African countries would not be the first choices in India’s oil supply diversification plans.

Preferred countries for the Indian foray into new supply markets for heavy crude would be Iran and Venezuela, but the ongoing political tiffs between both countries and the USA would make these options very difficult choices.

Many non-oil-producing countries depend on OPEC and its allies, a group called OPECplus, to supply oil for their domestic consumptions. To strengthen oil price, OPECplus extended its production cuts to April 2021 with little exception to Russia and Kazakhstan. But as OPECplus uses the production cut to tighten the oil market, oil importers are seeing domestic growth chopped at the knees by the rising cost of oil imports.

The Local Cost of An Oil Squeeze

Analysts note that domestic inflation in oil-importing countries has started to rise above policymaker’s expectations and could lead to unexpected monetary tightening which in turn would raise domestic interest rates and clobber gross domestic product (GDP) growth.

Against this development, oil importers have started to look for strategies that would improve possible economic outcomes such as diversify their import sources to generate more supplier competition to contain a supplier price squeeze.

The Indian economy was adversely affected by the coronavirus pandemic as it recorded the highest number of coronavirus cases in the Asian continent. To curtail the spread of the virus the Indian economy enforced strict lockdown which adversely affected the economy. Although the Indian economy is out of recession as its GDP grew by +0.4% in Q4 2020, it recorded a pandemic induced recession in Q3 2020 as its GDP contracted by -7.3%

Fuel consumption has become an integral part of the Indian economy, therefore, activities in the international oil market affect the Indian economy. Also, recent reforms of the fuel taxation and subsidy system in India have meant that consumers would increasingly be susceptible to changes in the international oil market. Although India’s inflation rate eased to a 16-month low of 4.06% in January 2021 mainly on account of the softening of food and vegetable prices, the rise in crude oil prices and their transmission into retail fuel prices have posed a concern for the government’s economic recovery effort and the mandate by the Indian government to the Reserve Bank of India (RBI) to keep inflation within an average rate of 4% and a margin rate of 2% on either side of the average

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LivingTrust

AFCFTA: DBN gives first tranche of N1 billion MSMEs fund to LivingTrust Mortgage Bank

by with No Comment BusinessfinanceNews

The aforementioned reforms and policy interventions provide the needed environment for small businesses in Nigeria and the coming of the AfCFTA could not have been at a better time.

Independent of the AfCFTA, the Federal Government of Nigeria has in recent times embarked on some far-reaching reforms aimed at enhancing ease of doing business both for the Small and Medium-sized Enterprises (“SMEs”) and across other strata of business in Nigeria.

READ ALSO: Excitment as FG credits Nigerian man under Survival Fund program.

Some of these reforms can be seen in the areas of policies, laws, business formation and registration, post-incorporation filings and taxation.

Two of the legislative instruments which are critical to these reforms deserve some mention here:

Companies and Allied Matters Act, 2020 (CAMA, 2020)

The signing of CAMA, 2020 into law by President Muhammad Buhari on 7th August 2020 came as a very cheering news to the SMEs community.

Some of the provisions which impact directly on SMEs include but not limited to the following

(i) a single member/shareholder for a private company

(ii) minimum share capital in place of authorized share capital. This allows promoters of business to pay for only shares that are needed at the point of incorporation;

(iii) exemption of SMEs, small companies or companies with single shareholders from the requirement of appointing Auditors to audit their financial records

(iv) filing, share transfer and meetings can be done electronically by private companies

(v) Statement of compliance which was hitherto signed by legal practitioners can now be signed by the business owner or his agent

(vi) introduction of Limited Partnerships and Limited Liability Partnership thereby providing options for promoters who may want to incorporate partnership instead of limited liability companies

(vii) Appointment of company secretary now optional for private companies

(viii) AGMs and other company meetings can now be held virtually, amongst other reforms.

Finance Act, 2020

Complementing the reforms under the CAMA 2020 is the Finance Act.

Enacted first in 2019, the Act was further expanded and re-enacted to among other things address the negative impacts of COVID 19 on small businesses and this led to the new Finance Act, 2020.

The new Finance Act was signed into law on 31 December 2020 and took effect from 1st January 2021.

It introduced over 80 amendments to 14 different laws such as the Personal Income Tax Act, Companies Income Tax Act, Capital Gains Tax Act, Value Added Tax Act, Customs & Excise Tariff Act, Tertiary Education Trust (TET) Fund Act, Fiscal Responsibility Act, Public Procurement Act, CAMA, Nigerian Export Processing Zone Act and Oil and Gas Export Processing Free Zone Act.

SMEs are expected to take advantage of the incentives provided under the new Act.

SMEs with a turnover of less than N25 Million are exempted from Companies Income Tax and TET tax amongst other incentives.

SMEs engaged in primary agricultural production are qualified for pioneer status for an initial period of four years and an additional two years.

MSME Survival Fund

In a bid to ameliorate the impact of COVID-19 on small businesses, the Federal Government of Nigeria launched the N75 Billion Survival Fund for Micro, Small and Medium Enterprises (MSME).

The Fund which was touted as part of the economic sustainability Plan of the Federal government is meant to support small businesses to meet basic operational needs and provide funding in order to boost the production capacity of MSMEs in Nigeria.

The AfCFTA

The aforementioned reforms and policy interventions provide the needed environment for small businesses in Nigeria and the coming of the AfCFTA could not have been at a better time.

The critical question remains, how SMEs can leverage the opportunities provided under the AfCFTA to scale up their operations.

SMEs are often considered the economic backbones particularly in developing countries as they account as major contributors to the GDP and in the area of job creation.

Nigeria has a vibrant SME ecosystem. Out of the 95 Million SMEs in Africa, over 45 Million of them are in Nigeria.

Thus, on the continent Nigeria plays a huge role, accounting for close to 50% of SMEs.

In terms of economic impact, SMEs contribute 48% of national GDP in Nigeria, make up the 96% of businesses and contribute 84% of employment.

Despite the contribution to the economy, SMEs in Nigeria in particular, have continued to grapple with the challenges of high cost of capital and lack of access to funding as well the inability to compete globally.

Due to the largely informal nature of SMEs in Nigeria, obtaining data for the purpose of planning has also been difficult.

On this, the role of Small & Media Enterprises Development Agency of Nigeria (SMEDAN) in amongst other things, formalization of SMEs in Nigeria should be encouraged.

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NIRSAL CBN

CBN/NIRSAL reopens portal for MSMEs, Individuals To Access Up To N25m

by with No Comment BusinessfinanceNews

GoldenNewsNg reports that  CBN/NIRSAL has reopened its portal for Micro Small and Medium Enterprises (SMEs)

READ ALSO: Corporate oil, gas deals in Nigeria fall to lowest in 5yrs

And households affected by COVID-19 to access up to N25 million.

This was disclosed by the Personal Assistant to President Muhammadu Buhari on New Media, Bashir Ahmad, via his Twitter handle on Wednesday.

He tweeted, “The CBN, through @NirsalMFB introduces a stimulus package to support households and MSMEs affected by the COVID-19 pandemic. An individual can access up to N25million.” CBN/NIRSAL.

The Federal Government had announced that the MSME Survival Fund Payroll Support Portal would be exceptionally reopened for 30 states that had been unable to meet their quotas.

The government, in its announcement, said that the scheme is aimed at supporting vulnerable MSMEs in the payroll obligations of over 500,000 employees

by pandemic

What you should know

  • The Federal Government had announced that the MSME Survival Fund Payroll Support Portal would be exceptionally reopened for 30 states that had been unable to meet their quotas, according to Nairametrics.
  • The government, in its announcement, said that the scheme is aimed at supporting vulnerable MSMEs in the payroll obligations of over 500,000 employees.

SOURCE LINK

Investors

Why investors flock to Ikoyi, VI despite challenges…

by with No Comment BusinessNews

Despite the challenges in the Nigerian real estate market that are deeper in highbrow locations or up-market neighbourhoods, Ikoyi and Victoria Island in Lagos remain attractive destinations for investors.

READ ALSO: PMI: Business Conditions in Nigeria Show Improvement

These two locations, home for luxury real estate, have seen challenges reflected in over-supply interspersed with falling demand and widening vacancy rate, which, as at the end of 2020, was estimated at 40 percent for residential properties.

But returns on investment, especially for small size family housing units like studio, one-bedroom and two-bedroom apartments, have been good and encouraging compared to other locations.

Lay-offs, pay-cuts and economic downturn made worse by the crippling impact of COVID-19 pandemic have left consumers with shrinking wallets and low purchasing power, leading to buyers and tenants’ preference of apartment units to duplexes, maissonettes and large luxury homes.

For this reason, multi-family units, specifically apartments, top consideration for most investors in these locations. “Apartments make more economic sense to developers, more so as multiple units can be developed on a piece of land without taking up too much space,” David Mba, former manager, commercial sales at Fine & Country, explains to BusinessDay.

“Returns are higher for smaller apartment units, especially 2-bedroom, which means that demand is more for these house-types than the big-size apartments,” he states.

According to Mba, Ikoyi and Victoria Island are “promising destinations,” but the consideration has to be on smaller-unit apartments. “Any investor wanting to enter the market amid the COVID-19 pandemic should look in that direction,” he advised.

On the average, rental values in Victoria Island as at the end of 2020 stood at N1.5 million per annum for 1-bedroom apartment; N3.5 – N8.5 million for 2-bedroom; N5.5 – N15 million for 3-bedroom and N6 – N25 million for 4-bedroom apartment.

In Ikoyi, it is N4 – N5 million per annum for 1-bedroom; N6.5 million for 2-bedroom; N10 million for 3-bedroom, and N10 – N25 million for 4-bedroom apartment.

Return on investment on these apartments, according to Mbah, is quite significant. In Victoria Island, the return on the different apartment sizes stood at 2.7—3.7 percent per annum for 1-bedroom; 7—10 percent for 2-bedroom; 6.1—10 percent for 3-bedroom; 6.1—9.2 percent for 4-bedroom duplex and 3.75—6 percent for 4-bedroom terrace.

In Ikoyi, it is 9 percent for 1-bedroom; 5.4—8.6 percent for 2-bedroom; 5.3—8 percent for 3-bedroom; 4.5—8.3 percent for 4-bedroom duplex and 4.8—5-4 percent for 4-bedroom terrace.

Though most real estate investors aim for over 10 percent or 12 percent return on their investment, experts say anything above 8 percent is good.

Lekki is another Island location in Lagos where return on investment is good and encouraging. Chiedu Nweke, CEO, Periwinkle Residences Limited, argues that returns in the Lekki corridor is the highest in Lagos, but records show that Ikoyi, particularly, is still ahead.

“This is because whether you are talking about Ikoyi or Victoria Island, the story is the same that these locations remain attractive for reasons other than returns on investment,” Mba says, explaining that talking in terms of strengths, weakness, opportunities and threats (SWOT), which guide investments, opportunities are more here.

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Business Condition

PMI: Business Conditions in Nigeria Show Improvement

by with No Comment Businessfinance

The Purchasing Managers’ Index (PMI) of Stanbic IBTC Bank Plc has shown that in February 2021, there was another modest expansion in the Nigerian private sector.

READ ALSO: AfCFTA: SON seeks return to port

In a statement from the lender, it was disclosed that the growth was buoyed by a solid increase in new orders and output as companies continue to expand their purchasing activity and resumed hiring efforts during the month.

The report indicated that signs of spare capacity were again evident, with a fresh record reduction in backlogs registered.

However, unfavourable exchange rate movements, higher material costs and a rise in wages added to strong inflationary pressures with overall input prices increasing at a record pace.

Stanbic IBTC said headline PMI registered at 52.0 in February, up from 50.7 in January, indicative of a stronger improvement in overall business conditions. New order inflows rose sharply, with the pace of growth accelerating during the month.

Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 show deterioration.

The improving demand environment supported growth in output which was solid and extended the period of expansion to three months. Despite the continuation of coronavirus disease 2019 (COVID-19) restrictions in foreign markets, exports rose during the month, with foreign demand for Nigerian goods and services showing signs of improvement.

To support higher output volumes, companies added to their purchasing activity for the eighth month in succession.

Consequently, firms raised their inventory holdings in anticipation of greater output in the months ahead. Vendor performance also improved, although the degree at which lead times shortened eased to the softest in nine months.

Elsewhere, further signs of spare capacity were signalled, with backlogs falling at the most marked rate in the series.

Nonetheless, firms added to their workforces, with employment rising marginally. The rate of overall input price inflation quickened to the strongest in the series, largely reflecting higher purchase costs.

According to panellists, higher material costs and unfavourable exchange rate movements contributed to a sharp uptick.

However, the stronger demand environment allowed firms to pass on higher prices, with charges rising substantially. Looking ahead, sentiment regarding output over the next 12 months reached a ten-month high as business expansion plans fuelled positive expectations.

That said, the degree of optimism remained below the long-run series average suggesting pandemic uncertainty weighed slightly on hopes for the future.

SOURCE LINK

SON Ports

AfCFTA: SON seeks return to port

by with No Comment BusinessNews

The Director General of Standards Organisation of Nigeria (SON), Malam Farouk Salim, has urged the Federal Government to allow the agency return to the nation’s ports. Salim made the call in an interview with the News Agency of Nigeria (NAN) on Thursday in Abuja.

READ ALSO: Covid-19: Working Conditions Still Precarious

He explained that the move would help the organisation to effectively check the influx of substandard products into the country as trading progresses under the African Continental Free Trade Area (AfCFTA). The DG’s call is coming after a decade of the eviction of several government agencies from the ports, following what was seen as ‘a proliferation of agencies at the ports.’ NAN recalls that Dr Ngozi Okonjo-Iweala, the then Minister of Finance and Coordinating Ministers of the Economy, had in 2011 announced the eviction of the agencies. She said the decision was to fast-track port processes at a time the ports were battling congestion, delays in cargo clearing, which were hindering the ease of doing business policy. However, Salim said for Nigeria to effectively curb the influx of substandard goods, especially as trading under the AfCFTA continues, the SON workforce should be allowed to return to the ports. “We are supposed to ensure that the borders and the ports are monitored properly, and in doing this we protect the country from substandard goods. “One of such ways is to make sure that the employees of SON are in the port of entries in the country, especially the Lagos port where majority of goods comes into this country. “Our people can be efficient if we are allowed to work at the point of entry of these goods, but right now we are not allowed at the ports. “They allow us once in a while to check goods but that should not be the way, because SON as an organisation should not depend on the kindness of other organisations to do its work. “The 2015 Act, Section 7(30b) says the Standard organisation must be at the port of entry into this country,” he said. The DG noted that although there were other agencies of government at the ports, SON has the statutory obligation and the knowledge to identify substandard products. He said if SON was given a permanent access for inspection and enforcement of standards at the ports, the menace of substandard goods in Nigerian market would be greatly reduced. He however noted that the organisation was currently enjoying cordial working relationship with the Nigerian Customs Service and other sister agencies at the ports. “What NAFDAC and the Customs are doing at the ports are totally different from what SON does. “We get along with them very well but we don’t need to depend on them because we are supposed to be in the ports by right, except if the law is changed.

“One of the problems we are having for not being officially allowed into the ports is the inability to provide ordinary offices for our employees. “A typical example is in Port Harcourt where our officers are now squatting with various offices, and every now and then the persons they are squatting with have asked them to leave. “We requested for a space to build our office but we were told we will not be allowed, so we could not build a property befitting of our organisation for our staff,” he said. Salim explained that the SON currently has 42 offices across Nigeria, with 1,700 employees. (NAN)

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