Economy
All products in Nigeria to have electronic code—– SON
By Omoh Gabriel
Director General, Standard Organisation of Nigeria SON, Dr. Joseph Odumodu yesterday said that his organization will soon embark on electronic product registration in Nigeria. He said all products in the Nigeria market will be expected to have electronic registration code for easy identification of both the manufacturer as well as the importer. He said that any product that does not carry SON electronic code by May 2013 will be removed from the market and destroyed.
At a media interactive session yesterday Odumodu said “Every product in Nigeria market is expected to bee documented. We must know who the manufacturers are, who imported the products and the relationship between the importer and the manufacturer.
We have completed the first 50% of the tenure of this current Director General and to examine what has been achieved, we set to access our performance and improving on the weakness so far.
“One point I would like to stress in talking about 2013, is that we need to change our strategy and we would do most of the things we did last year, but some additional things would be included and I will explain why we have to do them. We have to do them for sustainability, to also connect to the world.
“When I started this job, we all focused on the prevalence of substandard products in Nigeria and the challenge of standardization is that it is measured in terms of the prevalence of substandard product. It is an outcome of a failed system or a non-existed system that leads us to what is currently happening now.
“What I have done in the last two years is to try to beat down the symptoms which are the level of literacy on the consumers in Nigeria and the prevalence of substandard product and every time you force that, The challenge we have in Nigeria is that we don’t have what we call a national quality Policy, and one of the thing we must do this year is to promote and push for a Nation Quality Policy and it is going to go the whole process to the top approval up to the President of the Republic of Nigeria. And that will lead us to identify to what is known as National Quality Infrastructure.
“I would like to say a few words about this policy. Technology is a powerful force that drives the whole world to commonality in product and because of the impact of technology all over the world, today we have what is known as Global Market and customers are the same all over the world with people demanding the same quality in terms of services and at the end of the day it is that concept of commonality in standardize product all over the world that drives over the policy of National Quality Policy.
“A quality policy has a number of rationales for it. The first is that government has the responsibility to efficiently and effectively manage all kind of regulations. Those managed regulations are for the achievement of protecting the citizens; of course more recently we talked about protecting the citizens.
The second rationale is that the players in the system are expected to be transparent and present themselves to the regulatory environment that government has provided.
The third rationale is that government needs to give industry or enterprise, supportive standards, metrology, accreditation and conformity assessment services that are accepted globally. Of course, the government needs to access those conformity assessment services that are affordable because you don’t what to begin to test and make people or make the product expensive”.
“So they have to be affordable and accepted globally and like my technical colleague would say, crest ability, so that when its been tested somewhere, if taken elsewhere, the result would be the same elsewhere. So government needs to have access to conformity assessment services that are affordable and acceptable globally. This is to ensure that product which is tested are certified and accepted everywhere. We are trying to avoid a process whereby a product tested in New York and somebody wants to use it in Nigeria, would go through another test which is capital intensive in a way.
“At the end of the day we need a conformity assessment system that is globally accepted. Unfortunately, we do not have this system here in Nigeria and we have not yet linked to the world and the only way we can be linked to the world is to first of all have a National Quality policy which has itself a building of National Quality Infrastructure and then a very robust metrology system, conformity assessment services, accreditation system. Those are the area that we will focus on by the year 2013 and beyond.
“We are trying to do this because when we started it, nobody not even the next DG of SON can stop it because it will be backed by law up to the highest level and which is what is critical. Once we have this in law, the prevalence of the monstrous standard products will be a thing of the past.
“Having said this, I would also like to point out that the six point Agenda still remains the Agenda because the Agenda has element in it that has already built on the cubing out of the national quality. For example, this year we have already set out some amicable amount of funds for the last three years and that funding would begin the building of the National metrology institute.
“Metrology is the science of measurement and there are three level of metrology. These are scientific metrology which is involved in the highest level of a laboratory metrology standard. We have industrial metrology in which we ensure that equipment used in industries are sufficiently salivated by technically competence systems and of course we have been able to prove to Nigeria that when you walk up to a fueling station and inquired for 20 liters and you are not given that exact required, it is metrology that ensures that there is calibration and standardize so that when it is 20litres, it is exact. “What we have observe is that when customers leave the stations station, they adjust their equipment to do whatever they want to do On the average, we have observed and scientifically proven that if a pomp in Nigeria is delivers 15litres, on the average it delivers 18litres to you. So we are in the process short changing the consumers and that aspect is what we call legal metrology. So metrology is an end to science and today we only have some element of metrology within SON and so we are going to start building a new metrology institute”.
The Arab Africa Trade Bridges (AATB) Program and the Federal Republic of Nigeria formalized a partnership with the signing of the AATB Membership Agreement, officially welcoming Nigeria as the Program’s newest member country. The signing ceremony took place in Abuja on the sidelines of the 5th AATB Board of Governors Meeting, hosted by the Federal Government of Nigeria.
The Membership Agreement was signed by Eng. Adeeb Y. Al Aama, the CEO of the International Islamic Trade Finance Corporation (ITFC) and AATB Program Secretary General, and H.E. Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, Federal Republic of Nigeria. The Agreement will provide a strategic and operational framework to support Nigeria’s efforts in trade competitiveness, promote export diversification, strengthen priority value chains, and advance capacity-building efforts in line with national development priorities. Areas of collaboration will include trade promotion, agribusiness modernization, SME development, businessmen missions, trade facilitation, logistics efficiency, and digital trade readiness.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, called for deeper trade collaboration between African and Arab nations, stressing the importance of value-added Agribusiness and industrial partnerships for regional growth. Speaking in Abuja at the Agribusiness Matchmaking Forum ahead of the AATB Board of Governors Meeting, the Minister said the shifting global economy makes it essential for African and Arab nations to rely more on regional cooperation, investment and shared markets.
He highlighted projections showing Arab-Africa trade could grow by more than US$37 billion in the next three years and urged partners to prioritize value addition rather than raw commodity exports. He noted that Nigeria’s growing industrial base and upcoming National Single Window reforms will support efficiency, investment and private-sector expansion.
“This is a moment to turn opportunity into action”, he said. “By working together, we can build stronger value chains, create jobs and support prosperity across our regions”, Edun emphasized. “As African and Arab nations embark on this journey of deeper trade collaboration, the potential for growth and development is vast. With a shared vision and commitment to value-added partnerships, we can unlock new opportunities, drive economic growth, and create a brighter future for our people.”
Speaking during the event, Eng. Adeeb Y. Al Aama, Chief Executive Officer of ITFC and Secretary General of the AATB Program, stated: “We are pleased to welcome Nigeria to be part of the AATB Program. Nigeria stands as one of Africa’s most dynamic and resilient economies in Africa, with a rapidly expanding private sector and strong potential across agribusiness, energy, manufacturing, and digital industries. Through this Membership Agreement, we look forward to collaborating closely with Nigerian institutions to strengthen value chains, expand regional market access, enhance trade finance and investment opportunities, and support the country’s development priorities.”
The signing of this Agreement underscores AATB’s continued engagement with African countries and its evolving portfolio of programs supporting trade and investment. In recent years, AATB has worked on initiatives across agribusiness, textiles, logistics, digital trade, export readiness under the AfCFTA framework, and other regional initiatives such as the Common African Agro-Parks (CAAPs) Programme.
With Nigeria’s accession, the AATB Program extends it’s presence in the region and adds a key partner working toward advancing trade-led development and fostering inclusive economic growth.
Federal Executive Council (FEC) has approved the 2026–2028 Medium-Term Expenditure Framework (MTEF), a key fiscal document that outlines Nigeria’s revenue expectations, macroeconomic assumptions, and spending priorities for the next three years. The approval followed Wednesday’s FEC meeting presided over by President Bola Tinubu at the State House, Abuja. The Minister of Budget and Economic Planning, Senator Atiku Bagudu made this known after the meeting.
The Minister said the Federal Government is projecting a total revenue inflow of N34.33 trillion in 2026, including N4.98 trillion expected from government-owned enterprises. Bagudu said that the projected revenue is N6.55 trillion lower than earlier estimates, adding that federal allocations are expected to drop by about N9.4 trillion, representing a 16% decline compared to the 2025 budget.
He said that statutory transfers are expected to amount to about N3 trillion within the same fiscal year. On macroeconomic assumptions, FEC adopted an oil production benchmark of 2.6 million barrels per day (mbpd) for 2026, although a more conservative 1.8 mbpd will be used for budgeting purposes. An oil price benchmark of $64 per barrel and an exchange rate of N1,512 per dollar were also approved.
Bagudu said the exchange rate assumption reflects projections tied to economic and political developments ahead of the 2027 general elections. He said the exchange rate assumption took into account the fiscal outlook ahead of the 2027 general elections.
The minister said that all the parameters were based on macroeconomic analysis by the Budget Office and other relevant agencies. Bagudu said FEC also reviewed comments from cabinet members before approving the Medium-Term Fiscal Expenditure Ceiling (MFTEC), which sets expenditure limits. Earlier, the Senate approved the external borrowing plan of $21.5 billion presented by President Tinubu for consideration The loans, according to the Senate, were part of the MTEF and Fiscal Strategy Paper (FSP) for the 2025 budget.
The spot rate on Nigerian Treasury bills has been increased by 146 basis points by the Central Bank of Nigeria (CBN) following tight subscription levels at the main auction on Wednesday. The spot rate on Treasury bills with one-year maturity has now surpassed Nigeria’s 16.05% inflation by 145 basis points following a recent decision to keep the policy rate at 27%.
The Apex Bank came to the primary market with N700 billion Treasury bills offer size across standard tenors, including 91-day, 182-day and 364 day maturities. Details from the auction results showed that demand settled slightly above the total offers as investors began to seek higher returns on naira assets despite disinflation.
Total subscription came in at about N775 billion versus N700 billion offers floated at the main auction. The results showed rising appetite for duration as investors parked about 90% of their bids on Nigerian Treasury bills with 364 days maturity. The CBN opened N100 billion worth of 91 days bills for subscription, but the offer received underwhelming bids totalling N44.17 billion.
The CBN allotted N42.80 billion for the short-term instrument at the spot rate of 15.30%, the same as the previous auction. Total demand for 182 days Nigerian Treasury bills settled at N33.38 billion as against N150 billion that the authority pushed out for subscription. The CBN raised N30.36 billion from 182 days bills allotted to investors at the spot rate of 15.50%, the same as the previous auction.
Investors staked N697.29 billion on N450 billion in 364-day Treasury bills that was offered for subscription. The CBN raised N636.46 billion from the longest tenor at the spot rate of 17.50%, up from 16.04% at the previous auction.
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