Business
SON To Establish Laboratories In Six Geo-Political Zones
The Standards Organisation of Nigeria (SON) says it has concluded plans to establish laboratories in the six geo-opolitical zones for testing products and ensuring standardisation in the country.
The Special Assistant to the Director-General of SON, Mr Bola Fashina, disclosed this in an interview with newsmen, yesterday in Abuja.
According to Fashina, the organisation already has in its 2020 budget, plans to establish laboratories in the six zones to ensure that products met required standards for certification.
He said SON would ensure that products within each region could easily be tested at the regionally laboratories, instead of sending them to its laboratories in Lagos, Kaduna or Enugu.
“In the last four to five years, we have had a new laboratory complex consisting of about 36 laboratories in Ogba Industrial Estate in Lagos.
“A lot of laboratories there have already attained international accreditation.
“This is to ensure that the result of whatever test that is carried out there is acceptable globally,’’ he said.
Fashina noted that the establishment of the laboratories was aimed at supporting government’s Economic Recovery and Growth Plan (ERGP) to ensure that Nigerian products and produce were easily exported without rejection.
“Apart from these ones, we have other laboratories, namely textile and leather laboratory located in Kaduna, engineering laboratory in Enugu, and another laboratory in our operational headquarters in Lekki, Lagos.
The Head, Public Relations, SON, further said that a national centre was being constructed to take care of Nigeria and West African Metrology Institute to support industrialisation.
He explained that the centre would ensure accuracy of measurement in length, volume or mass, among others to ensure that manufacturing and trading were done with accuracy.
Fashina said that the centre would also ensure that machines used in manufacturing in the country were calibrated from time to time to ensure accuracy.
“It is an ongoing thing because laboratories evolve with technology as taste of people change all over the world and in view of the fact that standards now are not static.
“Standards all over the world are being harmonised at regional, international and continental levels, often times standards in food are usually coded standards.
“It is only in cases where such standards do not exist that you find new standards being developed for products that are just emerging.
“Once they are developed, it makes trading across borders very easy,’’ he said.
Fashina expressed SON’s commitment to continue to invest in developing laboratories in view of the implementation of African Continental Free Trade Area (AfCFTA) agreement.
Cornerstone of Financial Services
A survey of more than 1 000 global finance leaders undertaken by digital payment network Ripple shows that 72% of respondents believe they need to offer a digital asset solution to remain competitive.
According to Ripple, leaders from the banking, fintech, corporate and asset management sector have made it clear that the “digital asset revolution is happening now”.
“Digital assets are quickly becoming a cornerstone of financial services, underpinned by progressive regulation, growing interest from Tier-1 banks, a steady consumer shift from banks to fintech providers, and booming stablecoin adoption,” Ripple says.
The survey was conducted in early 2026 and the findings released in March.
Stablecoin Boon or Bane?
Ripple has experienced significant success in the stablecoin sector since launching its Ripple USD (RLUSD) stablecoin in 2024.
With a market cap of $1.56 billion, it is considered a major regulated player in the market.
No doubt the platform was pleased to learn through its own survey that financial leaders were most bullish about stablecoins.
Roughly three-quarters of respondents believed they could boost cash-flow efficiency and unlock trapped working capital.
Ripple noted that finance leaders were thinking about stablecoins as more than “just a new way to execute payments”; instead, they viewed them as effective tools for treasury management.
In March 2026, Ripple began testing a new trade finance model built around RLUSD in a bid to increase the speed of cross-border payments.
The pilot initiative, developed alongside supply chain finance company Unloq [https://unloq.com], is running on the XRP Ledger inside a testing framework developed by the Monetary Authority of Singapore.
The Asian city-state is one of the platform’s biggest growth markets.
The idea behind the project is to see whether stablecoin-based settlement can streamline trade finance, too often hampered by reliance on intermediaries and slow reconciliation.
The only potential drawback is that if the initiative takes off, the Ripple to USD price could be negatively affected.
Ripple has always championed its native XRP token as a bridge asset, the “middleman” in the process of a financial institution turning dollars in the US into pounds in the UK, for example.
Ripple converts dollars into XRP and then back into pounds.
If RLUSD can do exactly the same thing, questions will be asked about XRP’s relevance.
That is a bridge Ripple will have to cross if it gets to that point.
Tokenisation Partners
Another interesting finding from Ripple’s survey is that most banks and asset managers are seeking tokenisation partners to help execute their strategies.
Some 89% of respondents said digital asset storage and custody were top priority. “Token servicing/lifecycle management also ranks highly for banks at 82%, while asset managers place greater emphasis on primary distribution at 80%,” Ripple found.
The survey also revealed that just more than half of fintechs and financial institutions want an infrastructure provider that can offer a “one-stop-shop solution”. This rose to 71% among corporate financial leaders.
Ripple attributes this to institutions and firms wanting uncomplicated, cohesive systems.
Infrastructure Rules
In its final analysis, Ripple says companies across the board are looking for partners and solutions that are “secure, compliant, battle-tested and that enable growth and execution”.
“The message is clear: infrastructure decisions made today will shape competitive positioning tomorrow.”
No surprise that this is precisely where Ripple is placing much of its focus.
