Business
MAN Accuses NAFDAC Of Killing Local Industries
The Manufacturers Association of Nigeria (MAN) has blamed the National Agency for Food and Drug Administration and Control (NAFDAC) for the increase in foreign products in the country.
Mr Innocent Umoh, Vice President, MAN Group for Toiletries and Soaps, told newsmen in Lagos that the trend had impacted negatively on local industries.
Umoh said that the association’s investigations had revealed that most of the foreign products in the Nigerian market were legally registered by NAFDAC.
He alleged that the situation was because of NAFDAC’s inability to determine which goods to register as it was not carrying other stakeholders along in its activities.
“ We are surprised at the sudden influx of many foreign goods into the Nigerian market.
“ Our investigation revealed that most of those products are not smuggled but legally registered by NAFDAC,’’ he said.
According to him, the development negates the Federal Government’s resolve to encourage local production.
“ Efforts to change Nigerians’ penchant for foreign products cannot be achieved with the high level of foreign products in the Nigerian market,’’ he said,
Umoh said that the development had resulted in low capacity utilisation and high inventories within the local industry.
He added that if not checked, it could result to more retrenchment and the closure of more factories.
According to Umoh, NAFDAC indulges in registering the foreign products because of the huge revenue this brings to the Agency and the Federal Government.
According to him, NAFDAC indulges such products because of the huge revenue the registration brings to both the agency and the Federal Government.
“ We learnt that the agency generates huge revenue from the exercise and it should not be done to the detriment of the economy.
“A situation where we have to register every product or brand ,all in the name of realising more revenue, drains the meagre resources of the local operator,’’ he said.
Umoh urged the Federal Government to properly implement the ban on the importation of detergent and soap to protect the local industries.
“ The government should properly monitor the security agencies manning the border posts to reduce the influx of products on the prohibited list,’’ he said.
He urged the three ties of governments to streamline taxes because the Small and Medium Scale Enterprises (SME) were the worst hit.
Umoh also urged the Federal Government to reduce tariff on imported raw materials to aid the productivity of local industries.
Meanwhile, NAFDAC’s Deputy Director, Public Relations, Abubakar Jimoh has said that the allegations of MAN were incorrect.
Jimoh said NAFDAC would not deliberately register a foreign product that would impact negatively on the local industry.
He said that NAFDAC was only carrying out its statutory duty in the registration of products that were beneficial to the people and not necessarily to make more money for the government.
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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