Business
Nigeria, China Sign MoU On Products Standards…As Son Plans Raid Of Supermarkets
Following the influx of Chinese products into the Nigerian market, a memorandum of understanding has been signed between the two countries to check sub-standards imported goods.
Director of Quality Assurance in the Standard organisation of Nigeria (SON), Mrs Margaret Essiet said in a phone in radio programme to commemorate World Standards Day said most of the products in the country are imported from the far East country.
She said that because of the influx of sub-standard goods from China are not certified by the agency, the authorities have prevailed on the Chinese government to check the menace.
About two international consultants have been engaged to support in the regulation and certification of products before they are imported into the country, Mrs Essiet further disclosed.
Among products the director said have improved in quality over the years include tyres and electrical materials, “70 per cent of importers have changed from importing poor electrical products. We have put in place self regulatory checks on the importers.”
Commenting on fairly used products, she said there are no standards for fairly used products since they are contrabands. She called on the citizenry to patronise Nigerian made goods.
The SON Quality Assurance Director also disclosed plans to raid the various supermarkets in the country, saying most of them have become dumps for sub-standards products.
In line with this, she stated that all SON zonal offices have been mandated to visit supermarkets to rid them of poor products.
In his submission, head Public Relations of SON, Mr. Debo Fashina explained that the agency has introduced mandatory conformity Assessment for products both produced within and outside the country.
Mr. Fashina declared that since most of the products manufactured within the country are now exported SON conformity tests are compulsory for all manufacturers, stressing that consumers have right to enjoy good products.
Business
Agency Gives Insight Into Its Inspection, Monitoring Operations
Business
BVN Enrolments Rise 6% To 67.8m In 2025 — NIBSS
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.
NIBSS noted that the expansion reinforces the BVN system’s central role in Nigeria’s financial inclusion drive and digital identity framework.
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.
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.
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