Business
SON Seeks Policy To Repatriate Substandard Goods
The Standards Organisation of Nigeria (SON) has urged the Federal Government to consider a policy aimed at returning substandard goods to countries of origin to boost consumers’ confidence and strengthen international trade.
SON’s Director-General, Mallam Farouk Salim, said, at an enforcement exercise on Monday, the policy would address the preponderance of imported fake and substandard goods in the country.
Salim noted that an arrangement to return goods with no economic value to countries notable for producing substandard goods was timely and critical.
“One arrangement I would love to have is the ability to return substandard goods back to country of origin, while also paying back the importers of the products if they were wrongly deceived.
“However, a situation where the importer was not deceived, we would prosecute the importer.
“We will support any country to prosecute any manufacturer or importer with their own laws over there, but that law to my knowledge is not yet in place, I will definitely like to appeal to the relevant authorities in the future to put such enabling law in place,” he said.
The SON boss revealed plans to destroy over N300 million worth of substandard gas cylinders and tyres.
According to him, the products failed to meet the minimum requirement of the Nigerian Industrial Standard (NIS) and, therefore, were not safe for consumption by the public.
Salim said the agency was also increasing its surveillance and intelligence to checkmate the influx of substandard goods, while restating its commitment to zero tolerance for substandard goods.
“We are destroying these goods in an environmentally friendly way because we do not want to pollute the environment and we also must ensure that everything recyclable would be recycled properly.
“We are looking at N300 million worth of goods to be destroyed and this is just an estimate.
“About six containers of tyres were stuffed into each other and for the cylinders, we intercepted them from multiple sources.
“We still have more products waiting for court orders to be destroyed because we cannot on our own destroy them,” he added.
Salim stressed the standards body’s preparedness to ensure the passage of only goods that met the minimum requirements following the commencement of the African Continental Free Trade Agreement (AfCFTA).
“In terms of the AfCFTA, we are prepared as far as standardising is concerned.
“We are ready for any situation whether from Africa or other continents across the world,” he said.
Also speaking, SON’s Compliance Director, Engr. Obiora Manafa, said the agency was poised to intensifying its sensitisation programmes to educate Nigerians on the negative effect of substandard products in 2021.
“The sensitisation campaigns had so far yielded positive results according to the feedbacks of many market organisations on the processes,” he said.
Business
Food Vendors, Others Relocate To New Site At PH Airport
The raging controversy between the Port Harcourt International Airport Management and restaurants/canteen operators and theirallies over relocation has been brought under control, as the operators have commenced relocation to their structures at the new site.
Recall that there had been serious feud over a directive by the Manager of the airport, Mr. Michael Area, for food vendors and their allies to relocate to the new site.
They insisted that the new site was too distant and hence, would negatively affect patronage from customers, with possible loss.
They further also insisted that it wouldcost them much money to put up another structure, given the economic situation in the country, since the airport management did not build any structure for them, apart from providing the empty land they have to also pay for.
The situation had led to flexing of muscles, which made the Airport Manager to order for sealing of all shops, resulting in scarcity of food, as airport users could not find a place to eat, apart from the only Genesis fast food spot available.
As at last Friday, The Tide observed that most of the food vendors had transferred their structures to the new place, and had started doing business there already.
Meanwhile, customers have started settling down at the new location as they were seen patronising shops for foods and drinks, in spite of the distance.
Few of the remaining structures at the old site, The Tide further gathered, will also be removed as quickly as possible, and the owners are making efforts to get funds for the job to be done.
One of them, Mrs Aka Love explained that she was going to relocate to the new place before the end of March.
Currently, business activities at the old site have come to null, as the place which was usually a beehive of food, drinks and relaxation, has completely winded down.
By: Corlins Walter
Business
MOWCA Strengthens Maritime Crime Prevention
Secretary General of the Maritime Organisation of West and Central Africa (MOWCA), Dr. Paul Adalikwu, has stepped up interaction with the United States Government to lift restrictions placed on some member countries allegedly implicated in illicit shipping activities.
Adalikwu, who led a delegation from the MOWCA Secretariat to the US Embassy in Abidjan for a first leg of the strategic consultation aimed at promoting seamless participation of MOWCA countries in international trade within the global maritime space, reiterated the organisation’s commitment to the best ethical and lawful maritime practices.
Addressing the U.S Ambassador to Côte d’Ivoire, H.E Mrs Jessica Davis Ba, the MOWCA SG stated the organisation’s interest in promoting the International Ship and Port facility Security (ISPS) code which aims at enhancing security of vessels and their ports of call.
He expressed the commitment of MOWCA in promoting environmentally friendly, safe and cost effective shipping without any encumbrance that may limit the economic potential of member countries.
Dr Adalikwu recalled that at the instance of the U.S. Department of State invitation, MOWCA participated in the 2023 Registry Information Sharing Compact (RISC) Conference in Larnaca, Cyprus, on February 28–March 1, 2023, and a virtual meeting held on June 6 2023, with Mrs Jennifer Chalmers, Officer in change of Counterproliferation Initiative.
He recalled The U.S. DOS willingness to support MOWCA’s effort for preventive maritime security through the establishment of the Center for Information and Communication (CINFOCOM) with the aim to ensure a maritime situational awareness domain within MOWCA’s member states’ waters.
He added that MOWCA under his watch is committed to training and retraining of maritime practitioners and experts to enhance the human capital capabilities of member states.
The CINFOCOM will help prevent transnational crimes committed at sea like sanctions evasion by North Korea and other state actors, who exploit poor enforcement due diligence by ship open registries to circumvent United Nations and U.S. trade restrictions.
By: Nkpemenyie Mcdominic, Lagos
Business
Nigeria’s Public Debt Hits N97.3trn – DMO
The Debt Management Office (DMO) has hinted that Nigeria’s public debt increased by 10.7 per cent from N87.87 trillion in the third quarter of last year, to N97.34 trillion as at December 31, 2023.
DMO, in an update data released last Friday, said the increase in the debt stock was largely due to new domestic borrowing by the Federal Government to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
The office noted that the N97.3 trillion public debt comprises of domestic debt of N59.12 trillion and external debt of N38.22 trillion. The sum of $3.5 billion was used to service external debt during the review period.
“Nigeria’s Public Debt Stock as at December 31, 2023 was N97.34trillion or $108.229 billion. This amount comprises the domestic and external debt stocks of the Federal Government of Nigeria (FGN), the 36 States Governments, and the Federal Capital Territory (FCT).
“There was an increase of N9.43 trillion over the comparative figure for September, 2023, which was largely due to new domestic borrowing by the FGN to part finance the deficit in the 2024 Appropriation Act and disbursements by multilateral and bilateral lenders.
“At N59.12 trillion, total domestic debt accounted for 61 percent of the total public debt stock, while external debt at N38.22 trillion accounted for the balance of 39 percent.
“Consistent with the debt management strategy, Nigeria’s external debt stock was skewed in favour of loans from multilateral (49.77 percent) and bilateral lenders (14.02 percent) or total of 63.79 percent which are mostly concessional and semi-concessional.
“Whilst the DMO continues to employ best practice in public debt management, the recent and on-going efforts of the fiscal authorities to shore up revenue will support debt sustainability”, DMO stated.
By: Corlins Walter
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