Business

Expert Tasks FG On Manufacturers’ Challenges

Published

7 years ago

September 5, 2018

A financial expert, Mr Boniface Okezie, has called on the Federal Government to tackle the challenges facing manufacturers to grow the nation’s Gross Domestic Products (GDP) to enhance the economy and the capital market.
Okezie, who is also the President of Shareholders Association of Nigeria (SAN), made the call in an interview with newsmen in Lagos.
According to him, manufacturers are the major drivers of economic growth, and if they can operate optimally, there will be employment opportunities and this will boost GDP, the economy and invariably the capital market.
“There is no magic that will strengthen the naira and ensure availability of dollars when the country has been import-dependent.
“The manufacturers are suffering from inability to source dollars for raw materials due to high exchange rate, epileptic power supply and economic instability among others.
“The way forward is for the Federal Government to create an enabling environment for the manufacturers to operate effectively,” he said.
The expert said an enabling environment and stable policy would encourage foreign investors to bring hard currencies into the economy and lower the exchange rate.
Meanwhile, an analysis of transactions in the capital market last week showed that a total of 1.533 billion shares worth N23.026 billion were traded by investors in 17,009 deals.
This was in contrast with a total of 968.947 million shares valued at N10.246 billion exchanged in 9,654 deals the previous week.
The Financial Services Industry (measured by turnover) led the week’s activity chart with 1.218 billion shares valued at N12.634 billion traded in 10,132 deals.
The Conglomerates Industry followed with 70.807 million shares worth N120.611 million in 803 deals.
The third place was occupied by Consumer Goods Industry with a turnover of 58.505 million shares worth N3.422 billion in 2,624 deals.
The All-Share Index during the period lost 577.72 points or 1.63 per cent to close at 34,848.45 against 35,426.17 posted in the preceding week.
Also, the market capitalisation which opened at N12.933 trillion shed N211 billion or 1.63 per cent to close at N12.722 trillion.
NAN reports that 34 equities depreciated in price, lower than 45 equities of the previous week.
IkejaHotel topped the losers’ chart in percentage terms by 18.64 per cent or 52k to close at N2.27 per share.
First Aluminium trailed with a loss of 15 per cent or 6k to close at 34k, while Glaxosmith shed 14.38 per cent or N2.20 to close at N13.10 per share.
Conversely, Portland Paints led the gainers’ table in percentage terms by 20.65 per cent or 15k to close at N2.98 per share.
AIICO Insurance followed with a gain of 17.14 per cent or 12k to close at 82k, while PZ Cussons appreciated by 14.94 per cent or N1.95 to close at N15 per share.
FG offers 2 savings bonds at 11.36%, 12.36% September
The Federal Government has offered for subscription two-year savings bond at 11.36 per cent and three-year savings bond at 12.36 per cent, the Debt Management Office (DMO) has said.
According to the offer circular obtained from the DMO website yesterday, the two-year bond will be due in Sept. 2020 while the three-year bond will be due in Sept. 2021.
It, however, did not state how much was offered, but added that the maximum subscription was N50 million at N1,000 per unit, subject to minimum subscription of N5,000 and in multiples of N1,000.
The website said that the bond was fully backed by the full faith and credit of the Federal Government, with quarterly coupon payments to bondholders.
The savings bond issuance is expected to help finance the nation’s budget deficit.
It is to also part of the Federal Government’s programme targeted at the lower income earners to encourage savings and also earn more income (interest), compared to their savings accounts with banks.
The circular also said that the offer would close on Friday.

Business

Agency Gives Insight Into Its Inspection, Monitoring Operations

Published

4 days ago

January 12, 2026

The Tide

The Director, South South Zone National Agency for Food Drug Administration and Control (NAFDAC), Pharmacist Chujwuma P.Oligbu has said its thorough implementation of its core mandate of monitoring has no link with witch-hunting or fault finding as perceived at some quarters.

Oligbu, made this known when he spoke as as guest at the maiden Rivers state Supermarkets stakeholders’ Seminar/Workshop in Port Harcourt recently.

Rather, he said they were mere opportunities for education, correction and continuous improvement.

The Agency’s South South Boss, noted that Supermarket operators who maintain transparent records, cooperate during inspections, and promptly address identified gaps demonstrate professionalism and commitment to public health standard.

He listed the deserving essence of supermarket operation to include the key aspects of supermarket operation that deserves emphasis is product sourcing.

“Supermarkets must ensure that all regulated products stocked on their shelves are duly registered with NAFDAC and sourced from legitimate manufacturers or distributors”, he said .

According to him, the presence of unregistered, expired, counterfeit, or improper labelled products undermines consumer confidence and poses serious health risks.

He pointed out that such has the likelihood of exposeing supermarket operators to legal sanctions that could damage their reputation and financial stability.

The NAFDAC Operator, further enlightened the participants that mere registration of a particular product with the Federal agency do not guarantee absolute consumption safety.

“Temperature control, cleanliness, pest control, stock rotation, and proper shelving are not optional practice; they are essential components of compliance”, he said.

The South South zonal director also told the operators of supermarket that their employees rotine training on the basis of the product they display for sale is of utmost importance.

In her presentation a Breast Milk Nutrition Expert , Professor Alice Nte of University of Port Harcourt Teaching Hospital (UPTH), was against the body’s prime attention to breast milk substitute or baby milk in supermarkets as well as its advertisement or promotion.

Nye jerked up the importance of mothers breast milk to the newborn baby and added that it help in fighting against childhood diseases, infections and combating cancer in breastfeeding mothers.

Meanwhile, NAFDAC Deputy Director, South – South Zone , Mrs. Riter Chujwuma educated the participants on the guidelines for global listing, and the need to adhere strictly to rules guiding global listing to avoid confiscation of their imported products.

By: King Onunwor

Business

BVN Enrolments Rise 6% To 67.8m In 2025 — NIBSS

Published

4 days ago

January 12, 2026

The Tide

The Nigeria Inter-Bank Settlement System (NIBSS) has said that Bank Verification Number (BVN) enrolments rose by 6.8 per cent year-on-year to 67.8 million as at December 2025, up from 63.5 million recorded in the corresponding period of 2024.

In a statement published on its website, NIBSS attributed the growth to stronger policy enforcement by the Central Bank of Nigeria (CBN) and the expansion of diaspora enrolment initiatives.

According to the data, more than 4.3 million new BVNs were issued within the one-year period, underscoring the growing adoption of biometric identification as a prerequisite for accessing financial services in Nigeria.

NIBSS noted that the expansion reinforces the BVN system’s central role in Nigeria’s financial inclusion drive and digital identity framework.

Analysts linked the growth largely to regulatory measures by the CBN, particularly the directive to restrict or freeze bank accounts without both a BVN and National Identification Number (NIN), which took effect from April 2024.

The policy compelled many customers to regularise their biometric records to retain access to banking services.

Another major driver, the statement said, was the rollout of the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to obtain a BVN remotely without physical presence in the country.

The programme has been widely regarded as a milestone in integrating the diaspora into Nigeria’s formal financial system.

A five-year analysis by NIBSS showed consistent growth in BVN enrolments, rising from 51.9 million in 2021 to 56.0 million in 2022, 60.1 million in 2023, 63.5 million in 2024 and 67.8 million by December 2025. The steady increase reflects stronger compliance with biometric identity requirements and improved coverage of the national banking identity system.

However, NIBSS noted that BVN enrolments still lag the total number of active bank accounts, which exceeded 320 million as of March 2025.

The gap, it explained, is largely due to multiple bank accounts linked to single BVNs, as well as customers yet to complete enrolment, despite the progress recorded.

Business

AFAN Unveils Plans To Boost Food Production In 2026

Published

7 days ago

January 9, 2026

The Tide

The leadership of the All Farmers Association of Nigeria (AFAN) has set the tone for the new year with a renewed focus on food security, unity and long-term growth of the agricultural sector.

The association announced that its General Assembly of Farmers Congress will take place from January 15 to 17, 2026 at the Abuja Chamber of Commerce and Industries, along Lugbe Airport Road, in the Federal Capital Territory.

The gathering is expected to bring together farmers, policymakers, investors and development partners to shape a fresh direction for Nigerian agriculture.

In a New Year address to members and stakeholders, AFAN president, Dr Farouk Rabiu Mudi, said the congress would provide a strategic forum for reviewing past challenges and outlining practical solutions for the future.

He explained that the event would serve as a rallying point for innovation, collaboration and economic renewal within the sector.

Mudi commended farmers across the country for their determination and hard work, despite years of insecurity, climate-related pressures and economic uncertainty.

According to him, their resilience has kept food production alive and positioned agriculture as a stabilising force in the national economy.

He noted that AFAN intends to build on this strength by resetting agribusiness operations to improve productivity and sustainability.

The AFAN leader appealed to government institutions, private investors and development organisations to deepen their engagement with the association.

He stressed the need for collective action to confront persistent issues such as insecurity in farming communities, climate impacts and market instability.

He also urged members to put aside internal disputes and personal interests, encouraging cooperation and shared responsibility in pursuit of national development.

Mudi outlined key priorities that include increasing food output, expanding support for farmers at the grassroots and strengthening local manufacturing through partnerships with both domestic and international investors adding that reducing dependence on imports remains critical to protecting the economy and creating jobs.

He stated that the upcoming congress will feature the launch of AFAN’s twenty-five-year agricultural mechanisation roadmap, alongside the announcement of new partnerships designed to accelerate growth across the value chain.

Participants, he said wi also have opportunities for networking and knowledge exchange aimed at transforming agriculture into a more competitive and technology-driven sector.

As part of its modernisation drive, AFAN is further encouraging members nationwide to enrol for the newly introduced Digital ID Card.

Mudi said the initiative will improve transparency, ensure proper farmer identification and make it easier to access support programmes and services.

Reaffirming the association’s long-term goal, he said the vision of national food sufficiency by 2030 remains achievable if unity and collaboration are sustained.

He expressed optimism that with collective effort, Nigeria’s agricultural sector can overcome its challenges and deliver a more secure and prosperous future.

Lady Usendi